Chart, page-222

I tend to agree that the decline of commodities prices is the work of traders coinciding/coordinated to strengthen the USD. It’s not sustainable and commodities prices should rebound fairly soon albeit with great volatility

I wouldn’t be very surprised that China is happily stocking up key commodities now while they are cheap. Best opportunity to spend their USD.

Column: Collapsing metal inventories clash with plunging prices (Reuters | July 13, 2022 | 6:30 am)

“The scale of the disconnect between price and stocks is striking. The resulting mismatch of current scarcity and expected future surplus is likely to be resolved by sporadic flare-ups in LME time-spreads.”