Commodities face recession test even as Goldman Sachs stays bullish

Commodities are hitting powerful headwinds after a first half dominated by the supply turmoil and inflationary shocks unleashed by Russia’s attack on Ukraine. Below, What to Watch looks at what the second half holds for raw materials from natural gas and crude to grains, gold, iron ore and lithium. 

Across markets, there’s growing talk that high prices for raw materials will be cured only by recessions in the second half. Oil has sunk toward $100 a barrel, metals are poised for a deep quarterly slump, and there’s a cool-off in crops. 

But the bearish view will tested. Goldman Sachs Group Inc. —