Unusual Foreign Exchange Financing Leads To Volatile Metals

Armajaro Commodities Fund was up nearly 2 percent in June but is still down under 1 percent on the year, according to an investor letter reviewed by ValueWalk. Armajaro made its money in precious metals and corn while wheat, a correlated crop, led to losses along with tin, which is exposed to economic strength. Metals price drops on unusual foreign exchange financing activity Some unusual activity in the financing of currency trading related to copper and aluminum led to a temporary drop in prices, the fund letter notes. While copper prices moved steadily higher last month after initially declining in…