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Forget Oil, Base Metals Collapse 50% From 2011 Highs

Bloomberg's global commodities index is testing fresh 16 year lows but this is often excused on the basis that it includes crude oil weakness - which will mean-revert higher any day now. Perhaps the bigger, even louder warning signal is directly from the basest of base industrial metals... which are now down 50% from their 2011 "reflate the world" highs.

The index - based on copper, aluminum, zinc, nickel, lead, and tin - is not flashing 'recovery is coming' headlines...

 

But then again - when has that mattered for stocks...

 

 

Charts: Bloomberg