Employees work to make ventilators as U.S. Vice President Mike Pence visits the General Motors Components Holding Plant that is manufacturing ventilators for use during the coronavirus disease outbreak, in Kokomo, Indiana, April 30, 2020.The blistering comeback in commodity prices — specifically copper and oil — suggests that as manufacturing activity picks up, driven by businesses reopening as well as continued support from fiscal and monetary policy, the global economy is rebounding.
And Wall Street strategists, who are tepid at best on equities for the rest of the year, say that with global growth set to continue rising, now's the time for investors to increase their commodity allocation. "[Oil's] recent rally, taken with the co-movement of metals prices, suggests the global economy is bouncing back after a sharp fall off during Q1 and the early part of Q2," MKM Partners' Michael Darda wrote in a recent note to clients. "Copper is attempting to break out, which will be bullish for the overall economy," he added.
Pro The second half will be the same as the first half. More sickness, less production.
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