Mark Matthews, Bank Julius Baer & Co, on Thursday, said that he expects commodity prices to soften a bit. He mentioned that commodity movement is contingent on the Russia-Ukraine conflict and accordingly, in the short-term, the prices could go anywhere. Matthews, however, remains hopeful of things getting better.

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He said, “I am a little worried that western politicians and media are making such a big deal about how Russia is so-called losing, that it might inspire Putin to double down and he has been trying to avoid casualties so far. There is a possibility that it gets better and that leads me to commodities and oil because where they go is also contingent on this conflict.”

Elaborating on crude oil, he said that generally, the prices tend to soften eventually despite geopolitical tensions. Additionally, he mentioned that he doesn’t see the Indian economy getting as impacted by crude oil as it would have 10-15 years ago.

“Oil is a problem but India imports a lot of technology now, IT services, and so the impact of oil on the budget, the overall economy is not what it was 10-15 years ago,” Matthews said.

Also Read: India-Russia trade comes to a standstill; exporters appeal to govt for help

On markets, he said that during times of uncertainty, people don’t prefer to buy very far from home. Matthews intends to focus on Switzerland, Sweden and home markets amid the Russia-Ukraine backdrop.

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He said, “In times like these, you want to go for countries that have a long history of good corporates and respect of property rights, and that takes you to places like Switzerland as well as Sweden and possibly places like Canada and Australia as well.”

For the entire interview, watch the accompanying video

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(Edited by : Dipikka Ghosh)

First Published:Mar 3, 2022 11:36 AM IST