Crude oil has been bouncing between $US70 and $US80 for the last 2 months which is not overly exciting for the energy complex considering OPEC+ has been cutting production to prop up prices. However, with the spectre of a global recession and weak economic growth in China, post-COVID lockdowns, it’s a big ask for this indicator of economic activity to appreciate in the short term.
- We continue to believe crude oil is “looking for a low” but a spike below $US70/barrel remains a distinct possibility.
MM remains bullish toward crude oil medium term
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We remain very bullish towards copper over the coming years from both supply & demand perspectives hence we are looking to increase our exposure when opportunities arise e.g. if central banks ultimately choke global growth to fight inflation. This industrial metal has coined the phrase “Dr Copper” over the years for being an excellent leading indicator of global growth, we’re keen buyers if copper falls on economic concerns in the 2nd half of 2023.
- We believe that the next significant move by copper is on the upside, but short term it could be a victim of recessionary fears.
MM remains bullish toward copper medium & long term
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