A fall in commodity prices, seen as a respite from growing inflation, saw major stock market indices around the world escape red on June 24.
Oil and food input prices, which have majorly contributed to the inflation basket, cooled off. Brent crude futures were down two percent on the week to $102.62 a barrel, while benchmark grain price Chicago wheat was trading at $9.42 a bushel, its lowest since March this year.
Commodity prices showed signs of settling down as copper, a metal which has applications across industries and construction activities, saw its sharpest weekly fall since the pandemic-induced jolt to economic activity in March 2020. The commercial metal slid three percent in Shanghai and seven percent for the week.
According to JPMorgan, Indian metal stocks, which have lost 20-30 percent of their value over the last month against Nifty shedding six percent, offer an attractive risk-reward ratio.