May 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 still stand behind our thesis of a severe recession in the US. We announced this call for the first time in November of 2022. This is why we continue to look out mainly for selling opportunities in the commodity markets. The two main recession drivers will be:

Tighter financial conditions – provoked by getting inflation back under control. We continue…