Bank-led commodity decorrelation theory rejected by analysts

Idea that bank retreat loosens correlation ‘doesn’t make any sense’

Tax burden falling

Analysts have criticised the findings of two economists at the United Nations Conference on Trade and Development (Unctad), who claim the withdrawal of banks from commodity markets has driven down the correlation between commodities and other asset classes.

“To say that banks exiting creates a decorrelation doesn’t make any sense to me,” says Michael Haigh, New York-based global head of commodities research at Societe Generale Corporate & Investment Banking (SG CIB). “The only type of individual

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