Related: Copper ETPs’ Underperformance is Worrisome for the Broader Economy
Furthermore, some are worried that further weakness in emerging economies, like Turkey, and the rising strength of the U.S. dollar – metals priced in USD have become pricier for foreign buyers – will cut down commodity consumption.
“It’s all one story. Continued macro concerns over trade have now added Turkey into the mix, and that adds to the premise of synchronized global growth being steadily undermined,” Oliver Nugent, a commodities strategist at ING, told the WSJ.
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