Commodities: Oil rally raises stagflation risks and yuan’s correlation to copper

Brent crude is marching on as Saudi Arabia keeps the oil market tight raising the risks of stagflation in both Europe and the US. Will the current oil price curtail demand and will China begin tapping into its reserves? Copper has recently been supported by China's efforts to strengthen the yuan. We also talk about how copper is still structurally attractive giving the ongoing electrification, EV adoption and China stimulus. Finally, we go through the key movers in the Bloomberg Commodity Index, with Peter Garnry and Oskar Bernhardtsen.

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Click here to open an account with Saxo