Copper & Crude Crashing As Growth Fears Re-Emerge

Headlines signaling dwindling chance of new fiscal stimulus combined with notable dissapointments in US manufacturing data has sent the ‘growth-signaling’ commodities crashing…

Crude is collapsing, back below $39…

But it’s not just US, as COVID continues to re-emerge worldwide in its so-called second-wave, there are ominous signs for consumption. A 7-day moving average of worldwide commercial flights declined to the lowest since mid-August, according to Flightradar24, a website that tracks flights in real time, while U.K. car usage slumped last week amid new virus restrictions. Europe’s oil refineries are struggling to cope with a diesel glut, limiting their prospects for extra crude buying.

And so much for Dr. Copper?

Copper has a long way to fall (versus Gold) to catch down to bonds’ reality…

But, but, but everyone said we were coming back?