Commodity prices continued to fall last month. According to the World Bank’s Pink Sheet catalog, non-energy commodity prices accelerated to the downside. Falling 9.4% on average in May 2019 versus prior year….In May, the total dollar value of China’s imports fell a sharp 8.5% when compared to the same month in 2018. That brings the 6-month average change down to -4.4%, a very clear and apparent downturn in the internal Chinese economy which in imports seems to have begun right in that October to December window we’ve been describing since the very start of it.
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