In this week’s pick of commodity and energy market trends, gold and copper prices send signals about the global economy, and US oil infrastructure build-out affects the price relationship between WTI and Brent crude prices, S&P Global Platts editors report.
1. Gold and copper track diverging paths as economies stutter
What’s happening: Gold is rallying in the face of a deteriorating economic outlook, while copper is getting hammered on the same metrics. Copper has fallen from a 2019 year-to-date high of $6,608.5/mt in April, to trade around $5,750/mt currently. Gold is trading around seven-year highs at some $1,520/oz. “Doctor Copper” has traditionally been a barometer for the overall health of the global economy, while gold remains a safe haven in choppy waters.
What’s next: A