Commodities appear to have been 2nd guessing the $US / bond yields with mixed success, obviously they have their own fundamental drivers also at work but their correlation to the macro drivers remains strong. MM is looking to increase our exposure to the Resources Sector into weakness e.g. we took a small position in energy stock Santos (STO) last month and are planning to add ~$6.20, or 3% lower.
MM remains a buyer of crude oil related socks into any weakness
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