{"id":121500,"date":"2025-07-07T19:36:31","date_gmt":"2025-07-07T23:36:31","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/commodity-cages-that-matter\/"},"modified":"2025-07-07T19:39:45","modified_gmt":"2025-07-07T23:39:45","slug":"commodity-cages-that-matter","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/commodity-cages-that-matter\/","title":{"rendered":"Commodity cages that matter"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09affacf7d0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Commodity cages that matter<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/commodities\/\" rel=\"category tag\">\n                    Commodities\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/380377823resiz.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Oil Barrels Stacked In A Warehouse\" title=\"Oil Barrels Stacked In A Warehouse\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09affada720'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">July 7, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Intelligence<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09affadd00c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>This analysis is by Bloomberg Intelligence Senior Commodity Strategist Mike McGlone.\u00a0<\/i><i>It appeared first on the Bloomberg Terminal.<\/i><\/p>\n<p>Bouncing crude oil has usurped gold at the top of the commodity radar nearing the end of 1H, but may accelerate price-elasticity forces. Downward estimate revisions for global crude demand and upward for supply could gain fuel from the price spike. Enduring production disruptions appear as unlikely as $100 a barrel WTI crude vs. gravitation toward US break-even costs closer to $50. For crude and economically sensitive copper to remain buoyant, US stock market capitalization might need to persist above 2x GDP.<\/p>\n<p>Record-setting gold appears to be detecting the limits of elevated equities and $100,000 Bitcoin. If risk assets stay lofty, the metal may fall toward $3,000 an ounce. However, it&#8217;s the potential to rise above $3,500 that we find disconcerting &#8212; a slight beta pullback may be all it takes.<\/p>\n<h2 class=\"p1\">Gold vs. everything else<\/h2>\n<h3>Gold&#8217;s $3,500 resistance, WTI oil&#8217;s $80: Which is more enduring?<\/h3>\n<p>Whether WTI crude oil can stay above $80 a barrel after bottoming around $55 in April is a key commodity question for 2H. Our bias is it&#8217;s a crude bear market, and the bounce may provide producers better levels to hedge. Higher prices would add headwinds to a global economy facing tariffs. Gold appears on track to breach $3,500 an ounce resistance, especially if US stocks decline.<\/p>\n<h3><strong> Commodities may have bottomed vs. US stocks<\/strong><\/h3>\n<p>If the dollar keeps falling in 2H, gold is poised to continue leading broad commodity gains. However, it&#8217;s the ebbing-tide risks of US stocks dropping for a recession that didn&#8217;t come in 2023 that are fueling the metal as the world contends with unprecedented US tariffs. Up about 10% in 2025 to June 20, the Bloomberg Commodity Spot Total Return Index has been underpinned by a similar fall in the Bloomberg Dollar Spot Index. What&#8217;s different may be the increasing strain on the US stock-market cap to keep rising above 2x GDP, to avoid a typical pattern of deflation following inflation.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09affade879'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Stay up-to-date on top trends across commodities and be ready to pinpoint opportunities <\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for our monthly outlook<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4447945900449733704\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09affae65e4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1930\" height=\"1232\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-1-Three-Keys-for-2025-Commodities.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Three Keys for 2025 - Commodities\" title=\"figure-1-Three-Keys-for-2025-Commodities\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-1-Three-Keys-for-2025-Commodities.png 1930w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-1-Three-Keys-for-2025-Commodities.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-1-Three-Keys-for-2025-Commodities.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-1-Three-Keys-for-2025-Commodities.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-1-Three-Keys-for-2025-Commodities.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-1-Three-Keys-for-2025-Commodities.png 169w\" sizes=\"auto, (max-width: 1930px) 100vw, 1930px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>It&#8217;s happening in China, as evidenced by the government 10- year yield at about 1.64%. What stops Beijing from following a path similar to Japan since 1990 may get some clarity in 2H. Much could depend on copper\u2019s resilience, highlighting risks.<\/p>\n<h3>Advantage vs. stocks: Commodities led by gold<\/h3>\n<p>Ending 2024 at about a 25-year low vs. the S&amp;P 500 (SPX) is a relative-value advantage for the Bloomberg Commodity Spot Index (BCOM). Will the BCOM, up about 10% this year to June 20 vs. 2% for SPX, continue outperforming beta in 2H? A mounting burden on US stocks to keep going up may elevate risks of an ebbing tide. Record-setting gold could be front-running a bit of SPX reversion. The graphic shows the close connection between the BCOM and SPX vs. the metal until recently. SPX\/gold has returned to its enduring pivot since 1960, a level that shifted to resistance in 2015.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1940\" height=\"1506\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-2-Cheap-Commodities-vs.-Beta-Gold-Leading-Recovery.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Cheap Commodities vs. Beta, Gold Leading Recovery\" title=\"figure-2-Cheap-Commodities-vs.-Beta-Gold-Leading-Recovery\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-2-Cheap-Commodities-vs.-Beta-Gold-Leading-Recovery.png 1940w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-2-Cheap-Commodities-vs.-Beta-Gold-Leading-Recovery.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-2-Cheap-Commodities-vs.-Beta-Gold-Leading-Recovery.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-2-Cheap-Commodities-vs.-Beta-Gold-Leading-Recovery.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-2-Cheap-Commodities-vs.-Beta-Gold-Leading-Recovery.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-2-Cheap-Commodities-vs.-Beta-Gold-Leading-Recovery.png 139w\" sizes=\"auto, (max-width: 1940px) 100vw, 1940px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The ratio most don&#8217;t want to keep rising has reached a good ceiling and may need to drop, or else. Our view is that risks are leaning toward beta falling in 2H, with deflationary implications that gold&#8217;s about 30% gain in 2025 may be foreshadowing.<\/p>\n<h3><strong>All may be fine, except for gold, if US stocks rise in 2H<\/strong><\/h3>\n<p>A central question for 2H is whether gold will maintain its leading position in 2025 performance. The rock beating stocks is typically not a good macroeconomic path. A weakening dollar is underpinning the precious metal and copper, but it&#8217;s the US stock market that might matter most. If consensus for about a 10% 2025 gain in beta proves correct, it could buttress the dollar, inflation, bond yields and Federal Reserve hawkishness, which may pressure gold toward $3,000 an ounce.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1940\" height=\"1100\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-3-Will-Gold-Stay-On-Top-in-2H-Stocks-May-be-Driving.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Will Gold Stay On Top in 2H? Stocks May be Driving\" title=\"figure-3-Will-Gold-Stay-On-Top-in-2H-Stocks-May-be-Driving\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-3-Will-Gold-Stay-On-Top-in-2H-Stocks-May-be-Driving.png 1940w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-3-Will-Gold-Stay-On-Top-in-2H-Stocks-May-be-Driving.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-3-Will-Gold-Stay-On-Top-in-2H-Stocks-May-be-Driving.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-3-Will-Gold-Stay-On-Top-in-2H-Stocks-May-be-Driving.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-3-Will-Gold-Stay-On-Top-in-2H-Stocks-May-be-Driving.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-3-Will-Gold-Stay-On-Top-in-2H-Stocks-May-be-Driving.png 190w\" sizes=\"auto, (max-width: 1940px) 100vw, 1940px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>It&#8217;s the potential for a roughly 10% 2025 decline in the S&amp;P 500 &#8212; a minor retracement after its 100% gain since 2019 &#8212; that record-setting gold may be anticipating. Bitcoin, a riskasset leading indicator, and economically sensitive copper could be nails to beta&#8217;s hammer in 2H, foreboding an undue burden on the S&amp;P 500 to keep going up.<\/p>\n<h3><strong>How sustainable? Weak dollar, strong commodities<\/strong><\/h3>\n<p>All major Bloomberg Commodity Index sectors posted gains in 1H to June 20, reflecting both a weakening dollar and a rebound in broad commodities from multidecade lows vs. the US stock market at the end of 2024. However, declines for industrial metals and the grains on a one-year basis &#8212; and gold leading the gainers &#8212; could reflect deflationary forces in a global economy facing US tariffs. Pumped up toward the end of 1H due to supply-disruption fears in the Middle East, the energy sector appears at elevated risk of declining, on the back of crude oil resuming its downward path since the 2022 high of around $130 a barrel.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1944\" height=\"836\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-4-Gold-and-Metals-Leading-in-1H-Copper-May-Guide-2H.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Gold and Metals Leading in 1H, Copper May Guide 2H\" title=\"figure-4-Gold-and-Metals-Leading-in-1H-Copper-May-Guide-2H\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-4-Gold-and-Metals-Leading-in-1H-Copper-May-Guide-2H.png 1944w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-4-Gold-and-Metals-Leading-in-1H-Copper-May-Guide-2H.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-4-Gold-and-Metals-Leading-in-1H-Copper-May-Guide-2H.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-4-Gold-and-Metals-Leading-in-1H-Copper-May-Guide-2H.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-4-Gold-and-Metals-Leading-in-1H-Copper-May-Guide-2H.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-4-Gold-and-Metals-Leading-in-1H-Copper-May-Guide-2H.png 192w\" sizes=\"auto, (max-width: 1944px) 100vw, 1944px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Grains may require a Corn Belt drought to reverse a lowprice- cure track, but it&#8217;s industrial metals that might matter most in 2H. If copper can&#8217;t hold 1H gains, the deflationary dominoes could tumble.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"972\" height=\"1678\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-5-Index-Performance.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Grains may require a Corn Belt drought to reverse a lowprice- cure track, but it&#039;s industrial metals that might matter most in 2H. If copper can&#039;t hold 1H gains, the deflationary dominoes could tumble.\" title=\"figure-5-Index-Performance\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-5-Index-Performance.png 972w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-5-Index-Performance.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-5-Index-Performance.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-5-Index-Performance.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-5-Index-Performance.png 890w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/figure-5-Index-Performance.png 63w\" sizes=\"auto, (max-width: 972px) 100vw, 972px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>Terminal subscribers can access full version of this report via BI &lt;GO&gt;.<\/em><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a09affaf1301'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6a09affaf2534\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6a09affaf2534\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p style=\"font-size: 16px !important; line-height: 24px;\">The data included in these materials are for illustrative purposes only. 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