Yep, they are saying prices are likely to stay low for years to come.
Between the three, they're saying:
- Crude oil and copper are unlikely to rebound because of excess supplies (GS)
- Weaker currencies in producing countries will encourage robust output of raw materials sold for dollars, even during bear markets (MS)
- Sluggish world economy makes it "hard to argue" that most prices have already bottomed (Citi)
And:
- Bloomberg Commodity Index on Sept. 30 capped its worst quarterly loss since the depths of the recession in 2008
- China, the biggest consumer of grains, energy and metals, is expanding at the slowest pace in two decades
- Alcoa plans to split itself in two
- Chesapeake Energy Corp. cut its workforce by 15 percent
- Caterpillar may shed 10,000 jobs
