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Marcus Hankey of Credit Suisse Asset Management told the Financial Times that his portfolio, compared to the FTSE All Share Index, is presently nine per cent underweight mining and four per cent underweight oil and gas.
He cited the largest drop in US motorway traffic for 66 years as one reason for the negative outlook. Capacity cutbacks at United Airlines and Ryanair are also factors.
"It's very difficult to be positive on commodities in this environment," said Mr Hankey.
Meanwhile, David Prosser of the Guardian has sounded a similarly ominous note, stating there is growing scepticism surrounding the concept of a "20-year cycle of booming commodity markets".
Many of these markets, he claims, have fallen back by up to 20 per cent in recent weeks.
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