Citigroup analysts say China is driving commodity prices like never before, and driving them lower.
In a report, Citigroup predicted the uncertainty stemming from China will impact U.S. commodity markets for months to come.
Bloomberg reports raw materials including oil; iron ore and copper have tumbled on concern that demand is slowing from China, the world’s biggest consumer of energy, metals and grains.
An official factory gauge for August slumped to a three-year low, increasing worry that the government’s stimulus efforts in China are not working.
Commodities and stocks around the world have swung sharply since China devalued the Yuan.
Some believe the devaluation shows Chinas concern over slowing growth.
