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From Reuters:
Impala Asset Management is forming a new hedge fund to bet on rising commodities prices, according to a letter sent to clients and seen by Reuters on Thursday.
…Impala leader Bob Bishop expects that there will be an 18 month to 36 month “cyclical commodity rally” and believes the “timing of this opportunity is very soon” according to the note.
The launch comes amid a punishing rout in commodity prices because of slowing growth inChina. The price of U.S. crude oil has lost more than half its value, copper is down about 30 percent and natgas has dropped by 60 percent over the past two years.
…Copper, iron ore, zinc and lumber were all favored by Impala now, the person added.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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