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Q2 Outlook 2019
Video length: 2 minutes
Quarterly Outlook

Q2 Outlook: Commodities power ahead

Ole Hansen
Head of Commodity Strategy

Summary:  Commodities have cast off the caution that defined the start of this year and powered to strong collective gains, led by energy and industrial metals. As we enter the second quarter the mood is still good, with crude oil riding atop a wave of price-supportive supply news, gold encouraged by a dovish Fed and copper pinning its hopes on a US-China trade détente.

The commodity sector delivered a surprisingly strong return during the first quarter of 2019 with the Bloomberg Commodity Index trading higher by 9%. This remarkable development relates to the fact that the rise was led by growth-dependent commodities such as energy (+17%) and industrial metals (+12.5%).

Markets, including commodities, began the year on the defensive with growth concerns and US Federal Reserve-led liquidity tightening raising concerns about the prospects for 2019. 

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