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ING analysts report that commodities rallied strongly in the first two months of 2021, led by oil, and that G10 commodity currencies have outperformed EM commodity currencies. They argue that long-term undervaluation could help the Russian rouble benefit from a second-half oil rally, while a decline in iron ore should weigh on the Australian dollar more than the Brazilian real.
A continued copper rally should support the Chilean peso.
Commodity currencies move with commodity export prices, so a second-half oil rally could strengthen petro-currencies and affect input costs for feed and biofuel supply chains. The analysis is an outlook rather than a new supply or demand event, so the direct effect on feed prices is limited.
think.ing.comFrancesco Pesole, Warren Patterson2021/03/03過去の強気なマクロイベント487件の後、原油(WTI) は5営業日で中央値 +1.0% 動き（60% が上昇。中央50%は -2.0% から +4.0%）、20営業日では +1.5% 動きました。
イベント直前の終値からの各商品ベンチマークの動き。過去の傾向は同種の過去イベントをまとめたものであり、起きたことを示すもので、今後を示すものではありません。投資助言ではありません。
