Super El Niño and Europe's Heatwave Disrupt Commodity Markets
The commodity markets are facing significant disruptions due to extreme weather conditions, including a potential 'super El Niño' and persistent heatwaves in Europe. The World Meteorological Organization has predicted a strong El Niño event in the tropical Pacific between July and September, which is expected to cause higher temperatures, drought, and heavy rainfall. These conditions are likely to affect commodity assets, as strategists warn that markets are underestimating the impact of climate volatility. Europe is currently experiencing a severe heatwave, with parts of the U.K. enduring temperatures above 30 degrees Celsius for nearly two weeks, and France facing three heatwaves this year. The extreme weather has led to the cancellation of events, such as some Bastille Day celebrations. In South Korea, new 'grave heat wave' warnings have been issued for certain regions. 
