Commodities continued their slide Wednesday with silver falling to 2009 levels to join copper and aluminum in trading at six-year lows.
But not all commodities, specifically those in the energy space, were in for the same level of pain, according to Goldman Sachs' head of commodities research Jeffrey Currie.
"There's a big correlation between whats happening in China and the commodity story more broadly," he said on CNBC's "Squawk on the Street." "Across the entire commodity complex the area that is showing the weakest demand is what we call capex commodities. ... You actually don't see the weakness in demand in energy."
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Currie pointed to the 17 percent rise in gasoline demand as a perfect example of bucking the capex commodity trend displayed by the free fall in iron ore, coal, steel and copper.
As for oil, Currie maintained his $40 to $45 October price target, adding that the call was initially based on the premise that prices would have to dip below that range at some point to create meaningful shifts in producer behavior.
"It's an average over a period and obviously you can have big spikes to the downside as well as pops to the upside," he said. "But I think the key point here is to find a price level that starts to create financial stress on the industry and that $40 to $45 barrel does it and at $39 where we are today it's really beginning to significantly shift behavior."
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Similarly, Currie maintained targets for gold prices as well, noting that there doesn't seem to be a sponsor on either side of the trade.
"Going forward if we continue to see improvement in U.S. economic growth we tend to maintain downside risk in gold," he said.