JPMorgan Says Crude Oil, Gold to Drive Rebound in Commodities
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Crude oil and gold will lead a rally in commodities as production fails to keep pace with demand, said Ray Eyles, chief executive officer of JPMorgan Chase & Co.’s commodity business in Asia.
Oil supply will trail consumption in the second half as the Organization of Petroleum Exporting Countries and other producers won’t increase output fast enough, the bank said in a report May 6. Rabobank Groep expects shortages in corn and cotton this year while Barclays Capital is predicting deficits in copper, nickel, tin, lead and platinum.