Most commodity prices are trading sharply lower on Monday, April 25 because market participants express growing concerns over the Chinese economy due to a fresh Covid scare.

Despite China’s policy easing, Goldman Sach has revised lower its Q2 growth forecast to 2.0% qoq annualized from 5.0%previously.

We expect commodity prices to continue to come under pressure in the immediate term as traders adjust to a deteriorating macro picture. But fundamentally, we remain constructive and expect the bull run to resume later this year.