Natural Resource Market Commentary: Q2 2023

By Goehring & Rozencwajg

Commodities and related natural resource markets were broadly weak in the second quarter. Investors remained concerned about a global recession driven by rising interest rates and persistent central bank hawkishness. Adding to the overall gloom was a perceived disappointment in Chinese economic activity. Caused by problems in the real estate sector, disappointing exports, and weaker-than-expected aggregate economic data, investors were decidedly “risk-off” when it came to China, and commodity markets were not spared.