Almost all commodity prices fell this week as the deadline for the imposition of US tariffs on China loomed large. The tariffs came into effect on Friday, and China retaliated in kind. Also on Friday, a strong US non-farm payrolls number for June underpins our view that the Fed is likely to raise rates two more times this year but did not have a significant impact on commodity prices. Meanwhile, the oil market ploughed its own furrow, moving largely on the back of news on supply.
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