June 2023 - Macro Commodity Outlook
Our commodity-related macro framework for the month - All the macro fundamentals that investors with commodity exposure need to know
We continue to expect slowing economic growth in the US and throughout the world. This is why we continue to look out mainly for selling opportunities in the commodity markets.
Our thesis implies that a turning point won’t be reached until Q4 of 2023. So far our basis brought us good returns - our Kuemmerle Report portfolio is up 19% YTD while the CRB index is down as much as 7% YTD.
These are the reasons that continue to put us in a very defensive mood: