Last Updated :
21 January 2009 at 11:20 IST
'Weak market trends will hurt commodities'
Commodity Online NEW YORK: Prevailing weak market sentiments across the world will damage the commodity market demand in 2009, said Jeff Currie, head of commodities research at Goldman Sachs Group Inc. said.
“Last year we did see weakness in OECD (Organization of Economic Cooperation and Development) countries,” Currie said at a Goldman Sachs global investment seminar in London.
“In 2009 emerging markets will be joining the ranks.” The macro-economic environment is still very weak, Currie said, adding that the base metals have further to fall before finding a bottom.
He said while base metal prices are forecast lower, the large falls seen in October are unlikely to be repeated.
Currie said recent demand for seaborne products wasn’t a sign that demand for goods such as alumina and iron ore is improving. He said it was instead replacing internal production that has been cut due to lower prices.
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