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New Zealand Dollar is up almost 400 pips from its recent low, similar for Canadian Dollar, Sugar price is up close to 20% from its lows, analysts are upgrading outlook for commodity players, Crude has given break out on the upside -
All these developments make us question - has the mood changing towards commodity players? Are investors' value buying commodity players? Is it going to have follow through in actual commodities?
Well answers to these questions at current point is still pre-mature, however there has definitely been a change in mood but as of now it is difficult to classify it as genuine recovery or bottom in commodities. It could very well be rise in risk appetite with severe setback in risk appetite.
Nevertheless, it sure poses some opportunity for value buying as well as short term investment in commodities.
In short term this rise in risk appetite is likely to sustain, at least Norilsk's bond sale is saying it so.
- Norilsk Nickel is a Russian Company, which is a global leader in Nickel and palladium production. It is also among 10 largest producer of Copper in the world. This week Norilsk sold $1 billion worth of 2022 bonds with coupon of 6.625% and orders received was worth $4 billion.
