Markets have been choppy with the Americans away from their desks due to Juneteenth. Are commodity bulls punching in thin air ahead of July? Meanwhile, we have a big day ahead in central banking.
![Something for your Espresso: Punching in thin air!](https://stenoresearch.com/wp-content/uploads/2023/01/Something-for-your-espresso-1080x675.png)
Markets have been choppy with the Americans away from their desks due to Juneteenth. Are commodity bulls punching in thin air ahead of July? Meanwhile, we have a big day ahead in central banking.
There is a material cluster risk in metals ahead of July deliveries and the consensus remains alarmingly upbeat in Gold, Silver and Copper. Here is why it could turn into a July bloodbath in metals.
The OPEC group continues to keep the supply of oil artificially low, but the big question is now the demand side of the equation. This OPEC policy is bullish, if the demand side keeps improving.
Given the current feedback loop, softness feeds through to increasing reflation expectations, which is an interesting dynamic that will continue until it’s broken by an exogenous event.