Diego Parrilla, merrill lynchSupply and demand fundamentals rule the commodity markets, but keep an eye also on geopolitics, on macro, and on investor and hedging flows!
And commodity squeezes? Do not underestimate the physical nature of commodities.
Unlike the case for currencies, equities, or bonds, we cannot "print" commodities. In the absence of inventories (which provide a cushion against short-term supply/demand disruptions), the inelasticity of demand can result in wild price action and ste