Texture from Reuters:
“We could see further weakness,” said analyst Edward Meir, commodity consultant at brokerage INTL FCStone in London.
“The gains we saw … seem to be just a short-lived technical bounce, as a sense of unease still seems to linger over a number of markets ahead of the September 1st U.S. tariff imposition on the next tranche of Chinese exports,” he said.
Yep. Overnight futures closed before the trade fireworks so I’m not sure how fr the bounce can get. To the charts:
It is my view that the intensifying trade war signals the end of China’s growth period. It can simulate now and again but it will be going ex-growth as it does so.
Bulk commodity prices are in for an historic reversion to mean over the next few years.