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[HSBC: Supply Disruptions Lead to 'Super Squeeze' in Commodity Markets] According to an HSBC research report, global commodity markets are experiencing a 'super squeeze' due to supply disruptions. If the Strait of Hormuz remains closed for an extended period, global commodity inventories will deplete at an accelerated pace, with prices of certain commodities nearing a tipping point. The Middle East conflict has already impacted aluminum smelting capacity, pushing aluminum prices to a 4-year high; copper prices, supported by a recovery in end-user demand, are approaching $14,000 per ton. Supplies of crude oil, liquefied natural gas, agricultural products, and industrial metals are all facing tightening pressures.