Goldman Sachs dropped all its commodity trade recommendations, and now says: 'Time to go micro.'
Goldman Sachs is closing 10 of its commodity trading decisions made in December as a reflection of a changing macroeconomic landscape, according to a note published Friday.
"Time to go micro," the bank says, meaning smaller, sector-specific risks are now taking center stage. Commodity demand has also bucked expectations. A decline in volatility in commodity markets has made micro-economic markers better opportunities for value, according to Goldman. Goldman is particularly bullish on agriculture — saying the increasing likelihood of a US-China trade deal would remove damaging tariffs from key commodity sectors.
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