Monthly Commodity Insights – …price forecasts for commodity markets

Abn Amro
By October 4, 2019 08:36

Monthly Commodity Insights –  …price forecasts for commodity markets

Weaker economic drivers limit upside commodity prices

  • After a drop below 170 in August, the CRB-index recovered to 180. The main driver was higher WTI crude prices, which account for 23% of the index. We expect more range trading in Q4.
  • The attack on Saudi oil infrastructure facilities reminded the market of possible impacts of geopolitical risks. Although the existing downside price risks for oil did not vanish, geopolitical risks led to increased upside price risks. As a result, oil prices seem to be caught between extremes.
  • We think gold prices may have found too much support. A profit taking wave could easily push prices back towards our expected 1,400/ton at the end of the year.
Abn Amro
By October 4, 2019 08:36

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