by Bryce Coward, Gavekal Capital

As we look at our screen for Friday we see basically all commodities down between 1-2%, but this is just the continuation of a much longer-term trend. Indeed, economically sensitive commodities like copper, crude, natural gas and aluminum (charts below) are all plumbing/trying to plumb new cycle lows and we're six years into the expansion! In the table below we also show the performance of various commodities over the last year. The only commodity in our table that is positive on the year (through June) is wheat, and it is only up 9%. The S&P Commodity Index is down a cool 33% with the most economically sensitive commodities down the most.