Commodities are in the early stages of a “price relapse” that may last through the first half of next year, said Nick Moore , head of commodity strategy at Royal Bank of Scotland Group Plc.
Nick Moore joined BlackRock Inc. as managing director and commodity strategist.
Investors are dumping gold-backed exchange-traded products at the fastest pace since the securities were created a decade ago, mirroring the steepest price drop in 32 years.
Nikos Kavalis has joined RBS Global Banking & Markets in London as a metals analyst, said Nick Moore, chief commodities strategist.
The biggest decline in aluminum prices since the global recession means at least 25 percent of the world’s smelters may be unprofitable.
Gold traders are the least bullish in two months after prices erased more than half of this year’s gain on speculation that a strengthening U.S. economy will dissuade the Federal Reserve from buying more debt.
Copper fell for a second day in New York on concern demand may weaken as China, the world’s biggest consumer of the metal, moves to cool inflation.
Gold holdings in exchange-traded products backed by the metal have topped reserves held by Italy and France, according to the Royal Bank of Scotland Group Plc.
Nickel, this year’s best-performing commodity, is poised to decline as world supplies climb at the fastest pace in a decade and China’s search for lower-cost alternatives slows demand growth.
"That reversal in nickel is one of the biggest changes of sentiment I've seen in my 30 years of covering the market."
- Nick Moore on Sep 04, 2014
Silver Plunges 27% in a Week, Most Since 1975