Industrial commodity prices slumped this week amid virus-related economic disruption in the US and Europe and rising concerns about a deeper economic downturn in Asia, particularly China. Meanwhile, governments and central banks have continued to roll out policy support. But we stress that policy support will do little to increase commodity demand or prices while measures to contain the virus remain in place. Accordingly, we think that the near-term risks to industrial commodities prices are to the downside.
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