Commodity prices resumed their decline in the third week of June, as a stronger dollar, China’s moves to ease inflation and hawkish Federal Reserve forecasts lead investors to unwind bullish positions and sell futures contracts. Copper, considered an economic barometer, is heading for an over 7% weekly loss, the most since March 2020. Other base metals such as Nickel also tumbled almost 6%. Gold is down almost 5% this week, the most in more than a year; while other precious metals such as palladium declined 11% only on Thursday. Regarding grains, soybeans futures are heading for a weekly drop of more than 11%, the biggest decline in seven years and wiping out all of their 2021 gains while corn and wheat are also on course for a 5% and 7% weekly decrease, respectively. Elsewhere, lumber slipped about 15%, its sixth consecutive week of losses after reaching an all-time high of almost $1,700 on May 7th.
