The World Bank said on Tuesday that it was lowering its global growth forecasts for 2015 and 2016 on account of economic prospects in Europe, Japan and emerging markets. That outlook is weighing on commodities traders, especially those looking at copper, AvaTrade's chief market analyst, Naeem Aslam, wrote in a Wednesday morning note.
Copper, which on Wednesday traded at its lowest levels since July 2009, has faced expectations of a major surplus from mines. Many analysts are revising those estimates, however, saying that supply should be more balanced with demand this year than previously expected.
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Still, copper traders are also concerned about demand for the metal, which finds uses in both construction and consumer products. Markets are particularly focused on growth in China, traders said, with all eyes on the property market in Asia's biggest economy.
"The key might be in the second half, when we see whether the Chinese property cycle recovers modestly or if it continues to slump. That will be a key determinant in terms of how big the copper surplus will be," Xiao Fu, head of commodity markets strategy at Bank of China International, told Reuters.
Oil, of course, is among the commodities that have suffered most in recent months—with many traders saying that it is impossible to know where the bottom for crude lies.
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For his part, Gurka said he sees West Texas Intermediate crude finding support between $38 and $42 per barrel, but that it will be a slow climb back upward.
Investors are torn over whether low oil prices will prove beneficial for global growth, but some have theorized that pessimism about the energy slide is at least partly responsible for the fall in other commodities.
But as with the precipitous fall in crude, oversupply is also to blame for dragging down prices across the board.