Experts do not expect a long Brexit influence on the world market for raw materials
On Friday, the results of referenduama of the UK out of the EU the prices of all commodities included in the calculation of the Bloomberg Commodity Index Index (BCOM), fell by less than 5%. Sam indicator fell by 1.6%, ie less than in January and February, when commodity prices collapsed. Brent crude oil showed the biggest drop in the last 4 months, down 4.9%. Despite the fact that such a change of quotations is quite dramatic over the past five years it has happened dozens of times.
However, even a short fall in prices severely setback the market of raw materials, which has not yet recovered from the 2008 crisis.
"Brexit can cause difficulties in the areas of investment and expenditure, especially in the European economy, which amounts to $ 13 trillion, – said in Geneva, chief economist of the Dutch commodity trader Trafigura Group Pte Saad Rahim. – United Kingdom itself is not a major producer or consumer of goods, but it plays an important role in the interaction with the EU".
UK ranks 15th among oil consumers, are not among the leaders on the import of non-ferrous metals and is low on the list of crops producing countries. Most of the goods produced in the UK, today is measured not in pounds and dollars.
Analysts do not expect a serious long-term impact on the economy after the withdrawal of the UK from the EU, despite the fact that the process can be very lengthy himself and output conditions of the country are still not known. According to the analyst Energy Aspects Ltd. Richard Mallinson, Brexit effects will be relatively restrained, unless the results of the referendum will not cause broader macroeconomic crisis.
According to the International Energy Agency (IEA), the consumption of oil, the main product in the world market does not change much as a result of Brexit. Earlier this month, the IEA stated that the excess oil on the world market, which considerably lowered the price will be over soon, and therefore oil prices will balance again.
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