This year has started with a pullback in prices driven by warm weather shock and rising interest rates, Jeff Currie said at a presentation in London on Monday. But demand in China is starting to rebound and there’s insufficient investment in supply, meaning the year as a whole will be a “Goldilocks” moment for rising prices, he said.
Currie sees parallels with the record run-up in commodities prices from 2007 to 2008. The only exception, he said, is European natural gas, where inventories look sufficient to get through this year.on Sunday, saying higher demand in Europe and China could lead to supply shortages. The bank predicted a multiyear commodities supercycle in late 2020 as years of under-investment prevent supply from keeping pace with demand.
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