Economics
After Commodity Meltdown, Citi Says Brace for More Losses
- Bank is bearish on crude, aluminum, platinum and wheat
- Bloomberg Commodity Index heads for worst quarter since 2008
U.S. Stocks Retreat Amid Commodity Slump
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The worst commodity meltdown since 2008 probably isn’t the end of the pain for bulls, according to Citigroup Inc.
Excess supplies and a sluggish world economy mean that it’s “hard to argue that most commodity prices have reached their trough for the year,” analysts led by Ed Morse, the global head of commodities research, said in a report Tuesday. The bank is bearish on crude oil, aluminum, platinum, iron ore, cocoa and wheat in the next three to six months.