Commodity turning point seen as confirmed after Brexit

Commodity prices showed enough resiliency in the past week to suggest they reached “a key turning point” this year, according to Michael Shaoul, chief executive officer at Marketfield Asset Management LLC.

In a report Thursday, Shaoul cited the ratio between the CRB Index and the S&P 500 Index, which started rallying in April after plunging 79 percent from a peak in July 2008. The CRB itself lost 3.1 percent in the first two days of trading after the U.K. voted to leave the European Union and rose 3.8 percent in the next two days.