Commodities are heating up reviving the inflation ghost

Today's slide deck: https://bit.ly/37eDL1U   - 

The energy in markets is low due to US Thanksgiving holiday, but three markets are on the move. Chinese equities are up 1.6% today on government statistics showing industrial profits are up 28% y/y in October. In commodities economic activity and the rebound in China continue to drive copper and oil higher. But it is not only spot prices that are showing interesting signs, the average forward curve in commodity futures has shifted into backwardation for the first time since 2014 indicating further potential in commodities. Finally, we take a look at Bitcoin which was selling off hard yesterday on potential regulatory crackdown coming to crypto currencies. Today with Peter Garnry on equities and Ole Hansen on commodities.