Citibank is bullish !!!
Citi commodity analyst Edward Morse is bullish,
"Citi is, on the whole, bullish the commodity sector, with an outright bullish view for crude oil, US natural gas, gold, silver, palladium and soybeans and neutral to bullish aluminium, copper, platinum, corn and coal. We are neutral to bearish only iron ore, cocoa and coffee and have no outright bearish view on any single commodity.
This view coincides with Citi’s macro-economic forecasts, with full-year negative growth this year erased by mid- to late 2021 … Several underlying factors remain supportive of commodities: supply and demand look to be in negative balance now, soon or some time in 2021. Reduced capital expenditures upstream are limiting supply growth to meet even muted demand increases. Incremental supplies are coming from costlier production along individual commodity supply curves.'