If steel breaks below 4000, this would be another bad sign for the global economy. I think the last time it was that low there was the concerns over Evergrande. There are still more coming to light. The Chinese economy isn't that strong and by not satisfying foreign debts, the lending to them is likely to dry up.
Iron Ore down again (62% was closed I guess US traded)
Cobalt is a battery metal right? All that demand from China and it is still falling. Hints of a recession?
Copper is a major driver of the global economy. It may be off its bottoms from the 2020 low after the crash of everything, but it is accelerating in a downward trajectory. We would need to see a recovery in this area to provide confidence the economy is improving. Maybe the markets are not influenced by commodities directly, but when catch up occurs there will be a rude shock for those on the wrong side.
@onetricky I noticed those reports on Twitter last night. Seeing that the Euro region represents a major portion of the global economy this is another negative. And Germany represents a lot of the Euro region.
@Baron1 Totally agree. There will be times of slight bounces and we are seeing that once again. Anyone who uses those to justify a complete turn around in the markets is sadly going to lose out in the long run. We are unlikely to see a complete fall while there is some retail left, but at what point will they get wiped out? Once a recession fully hits? Unemployment starts to move higher?
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