Bullish long-term oil; bearish long-term copper. The relative value trade is one of the hottest in the commodities markets as a three-year forward bet against China.
This trade is one of the handful that strategists are developing as the so-called commodities supercycle that has dominated the market for the past decade, moves to a softer phase that I call a less-super commodities supercycle. <="" br="">
As China heads into a sustained period of slower – and less commodity-intensive – growth, investors are growing increasingly worried about the predominance of bullish bets for commodities prices and are seeking alternatives.
您已阅读25%（629字），剩余75%（1870字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。