Yesterday, commodities were weak (briefly!) on the back of a fairly downcast webinar hosted by the premier.
It was somewhat at odds with state party rhetoric, in which things are “fine”, whilst pursuing COVID-zero (an ill-advised policy, to be sure) and suggests that there are tensions between crushing the economy and living with COVID.
Anyway, commodities are back to being strong today, and we suggest reading our note on commodities from yesterday for a more complete picture of our thinking.
Meanwhile, here is one heck of a chart. It’s hard to support high commodity prices when building in China has fallen so much.
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