2022 has been a roller coaster year with all-time highs in copper, aluminum, cotton, edible oils and multiyear highs in crude, gas, sugar, metals and precious metals and then the sell-off from highs on dollar strength as global central bank rate hikes took center stage.
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The China demand concerns and impending recession concerns also took commodity prices down. So what does 2023 look like for the commodity space?
Guy Wolf, global head for market analytics at Marex; Pritam Kumar Parnik, head of acquisition and relationship at HNI and Kunal Shah, head of commodities and currency research at Nirmal Bang Commodities discussed this further in a CNBC-TV18 special show Commodity Champions.
Wolf believes that one of the reasons why all the commodities have been going up as crude has come down is because crude and gas are the drivers of the global recessionary phase.
As crude has been coming off, other things have been rallying and that slightly reflects not just hopes that China will recover somewhat but also the fact that crude is one of those few commodities where there is enough global supply, he said.
Gas, on the other hand, is much more problematic, he added.
For the entire discussion, watch the accompanying video
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