Pakistan Commodities: Global commodities witnessing mixed trends,
- Global commodities printed a mixed trend where a host of factors including slow demand growth in China and tight supply conditions in oil market contributed to the cause. Resultantly, TRJ Commodities Index remained flat with a change of -0.7%.
- Energy commodities were led by rising crude prices (Arab Light/Brent was up 7.0/6.4% MoM) as US State Department decided against extension waiver on imports from Iran, while Richard's Bay coal prices dipped 12.95%MoM with weak imports from China proving to be a major dampener.
- Amongst soft commodities, the FAO food price index climbed 1.8%MoM gaining on the back of dairy index upswing, with Urea prices dipping remaining flat on MoM basis and Cotton prices increased 4%MoM averaging at USc87.41 per lbs. Steel prices witnessed a mixed trend with flat steel prices remaining flat while long steel increased on strengthened demand.
- US China trade talks, having a strong bearing on future global economic growth, continue to the inflection point for commodities while upcoming OPEC meeting in June will decide future of oil.
- Commodities should remain burdened by global economic fragility, where recent macro indicators and 'patient' central banks stress intertwining cyclical and structural impediments. Moreover, China's latest growth outlook of 6-6.5% (lowest in 30+yrs) is likely to be mirrored by decelerating demand from the world's largest commodity importer.
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