Sentiment versus hard data This is from the metals conference in Vancouver last week. The first chart she puts up says it all - sentiment is quite poor but underlying economic data appears quite strong. This is material sector driven because it is for a mining audience, but it applies to commodity markets generally. It is why I agree with Nuttalls thesis on supply being the most important factor going forward. Demand looks relatively decent. Supply looks challenged as underinvestment catches up with destocking. For copper and oil.
https://youtu.be/oXncF-aP9b8