China stimulus
Interesting that the China data not quite getting the same traction, as previous, with regard to investor enthusiasm towards commodities. New COVID outbreaks, US monetary policy and ongoing bad news from their property market likely working against.
Lining these things up by their second derivative, or change in change is hardly definitive, but interesting nonetheless.
Our view, iron ore, and most commodities, will keep falling, and China’s periodic stimulus can’t provide a sufficient offset, due to the aforementioned macro factors.
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