Goldman Sachs warns the commodity rally may be running out of steam and investors need to monitor fundamental supply-and-demand data.
Goldman Sachs is warning that this year's commodity price rally may be running out of steam, so investors should tread carefully and monitor data before going long crude oil and metals.
"While this looks like it would point to even more upside for commodities, we believe that commodities have now reached a level where they are no longer significantly undervalued relative to their current fundamentals," the investment bank's commodity analysts said in a research note on Monday. That could push Brent crude oil futures toward $70-$75 in the near term, but Goldman sees prices slipping in the second half of 2019 on an anticipated increase in output from OPEC countries and U.S. drillers.
The bank sees scope for improvement across the metals market, but thinks there's potentially more profit in looking for relative value trades within the sector.
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