FX COMMODITIES


Transformation in emerging markets and implications for commodities


Emerging markets growth slowdown is certainly behind the fall in metal prices. Does it in any way explain the downward slide in gold prices? How might it affect global oil prices?


INDUSTRIAL METALS The end of the supercycle


The downward movement in industrial metal prices can be attributed to the growth slowdown in China and, with it, to the end of the so-called commodity supercycle. Indeed, the slowdown in China is not only


quantitative but, above


al l, qual itative. In fact, it’s not just China’s aggregate demand that is coming down, it’s the commodity- intensity of its demand that is coming down, specifically the industrial metals demand. There might be


24 FX TRADER MAGAZINE October - December 2013


Source: CPB World Trade Monitor and Macrobond, MIG Bank


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