HSBC: overall stability of the commodities market hides market differentiation.

HSBC economist Paul Bloxham said that the overall global commodity prices are currently and may continue to consolidate broadly. Bloxham said, "However, this overall picture hides significant differentiation, volatility, and market fragmentation underneath the surface." He specifically mentioned market dynamics such as record highs in gold prices, turmoil in the copper market, and softening oil prices. Bloxham said, "Geoeconomics is increasingly becoming a driving factor in the dynamics of the commodity market, from gold and oil to soybeans and rare earths." He said, "As a result, price volatility intensifies, commodity price cycles shorten, and market fragmentation deepens."