| Commodities have always been cyclical, but already this year we have seen two distinct mini-cycles — down in January, recovering in February and March. Of course, fundamentals do not change that quickly, but sentiment certainly can. In particular, Chinese sentiment has turned around sharply — from the lowest point in the history of Macquarie’s China steel and copper surveys in January into positive territory.
So how should we view what has happened recently? Have fundamentals improved? Yes, from an extremely low base in December and January there has undoubtedly been a demand recovery...............................................Full Article: Source
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