The mood in commodity markets soured once more in the past week, with any positive developments outweighed by the negatives, including renewed US dollar strength, OPEC disunity, high US oil stocks and other evidence of ample supply (from coffee to iron ore). Indeed, even the positives – additional policy stimulus from the PBOC and strong signals of more monetary easing to come from the ECB – were interpreted negatively by some as reminders of underlying economic problems in China and Europe.
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