Global Chemical Update – Diamonds and Rust

The Weekly Catalyst

Global Chemical Update – Diamonds and Rust

Key Points:

• The C-MACC Clean Energy Minerals Monthly Price Index rose 4% in June, marking the first MoM uptick of 2023 – clean energy mineral markets appear poised for support in 2H23 after a weak 1H23.
• Global commodity chemical prices reflected downward pressure into the close of 1H23. We think producer conditions will most likely worsen in 2H23 than improve relative to 1H23 due to oversupply.
• Agriculture markets remain volatile due to crop production uncertainties. We highlight the corn price decline relative to soybeans to close 1H23 and our constructive 2H23 agriculture market view.