The outlook for commodities is bullish, according to Citigroup, which expects raw materials to be supported by a potential US-China trade deal, improved demand from China, and a weaker dollar.
A tropical cyclone hit Western Australia in late March, causing operation disruptions and port damages that would affect some 25m tonnes of iron ore production.
The reason for central banks’ recent gold accumulations has little to do with safe havens and a lot to do with chipping away at the US dollar’s role as the reserve currency.