Commodities Erase This Year’s Gain as China Rattles Complex
- Raw materials ‘have lost favor’ with investors, ING Groep says
- Copper and crude tumble in July, with gas and crops also lower
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Commodities have shed all of their gains this year as a challenging outlook in China, a selloff in US natural gas and losses in foodstuffs, weighed on raw materials.
The Bloomberg Commodity Spot Index — which tracks an array of energy products, metals and crops — has slumped almost 6% so far in July, putting it on course for the worst monthly performance since May 2023.