NEWS

Citigroup Inc. slashed its price forecasts for commodities from oil to copper and iron ore as it said the impact of the coronavirus looks much worse than it initially thought.

Oil came in for the most severe downgrades, with the bank cutting estimates for the first three quarters. Citi also reduced its first-quarter copper projection, noting the outbreak had “drastically shifted” the Chinese and global economic outlook, analysts including Ed Morse, wrote in a note.

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