Commodities are heading for a challenging finish to a year of turmoil, with geopolitical tensions and global demand uncertainty set to buffet markets from oil to copper and crops through December.
China’s struggles with Covid-19 offer an across-the-board headwind that will likely linger into 2023. Crude is on the cusp of a third weekly loss after plans for a price cap on Russian barrels stumbled, while gas traders will track Europe’s still-uncertain supply situation as temperatures fall. Dim prognoses for the world economy are stacking up.
In next week’s diary, there’s China’s latest factory activity and America’s third-quarter GDP, plus another public outing by Fed Chair Jerome Powell and the latest UN snapshot of food costs. Finally, in new energy, watch for a crucial US trade finding on Chinese solar and the latest on lithium’s slide.
What Next?
November began with some investor optimism for China’s exit from…
