EDITORS NOTE
There is also an evaluation of how the pandemic has or has not accelerated the overarching trends and progress towards Decarbonization, Decentralisation and Digitalization.
Pandemic, Uncertainty, Equity strategy, Central banks, Grains, Livestock, Sugar, Copper, Digitalisation, Cinema, Big tech
Welcome to final 2020 edition of The Ghost In The Machine, which is broadly themed around reviews of the impact of the Covid-19 on economies and markets, while looking ahead to what will hopefully be a brighter and better new year.
In the agricultural commodity arena, it is fair to say that weather and other disruptions prompted what proved to be a very sharp reassessment of the supply and demand outlook which had formed as the initial shock of the pandemic ebbed, we take a closer look at how this has impacted grains, livestock and sugar, and how this has also prompted a sharp increase in non-commercial (funds) flows into many sectors.
China’s demand for raw materials and commodities has long been a key factor in price formation, the launch of the INE yuan denominated Shanghai copper contract is set to signal a further shift east for the market. Uncertainty remains the watchword for investors, but it may be wiser for equity investors to focus more on what is known in formulating investment decisions to ‘catch the wave’ of the post pandemic recovery, particularly as the maxim of ‘not fighting the Fed’ appears to have never been truer.
The volatile rally in Bitcoin and other cryptocurrencies has perhaps distracted markets’ attention somewhat from the rather more critical issue of how central banks and regulators deal with the pandemic accelerated shift to digital payments and the challenges posed by ‘big tech’, with China offering an interesting perspective. Finally there is a look at how agriculture interacts with the world of cinema in the context of a new film.
THE GHOST IN THE MACHINE
EDITORS IN CHIEF Eddie Tofpik
E:
eddie.tofpik@
admisi.com Marc Ostwald
E:
marc.ostwald@admisi.com
PRODUCTION & CIRCULATION
CREATIVE DESIGN Simrat Kaur Sounthe
MARKETING Megan Hodgson
ADM CONTRIBUTORS Alan Bush
Eddie Tofpik
Howard Jenkins Marc Ostwald Nick Halle
Rohan Ziegelaar
EXTERNAL CONTRIBUTORS Alberto Peixoto Christopher Tinker Marie Pégoud-Féjoz
© 2020 COPYRIGHT ADM INVESTOR SERVICES INTERNATIONAL LIMITED - ALL RIGHTS RESERVED
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG. A subsidiary of Archer Daniels Midland Company. The information within this publication has been compiled for general purposes only. Although every attempt has been made to ensure the accuracy of the information, ADM Investor Services International Limited (ADMISI) assumes no responsibility for any errors or omissions and will not update it. The views in this publication reflect solely those of the authors and not necessarily those of ADMISI or its affiliated institutions. This publication and information herein should not be considered investment advice nor an offer to sell or an invitation to invest in any products mentioned by ADMISI. © 2020 ADM Investor Services International Limited.
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