Is the EM rally fizzling before it got out of the blocks?

Morgan Stanley uses copper to argue that MSCI EM has achieved all its gains for the year. It points out the strong correlation between EM and the copper price. In recent weeks, some commentators have been suggesting the copper, wheat, iron, corn price surge of 2020 was related to Yuan appreciation and Chinese stock-building – and as Yuan appreciation has largely stopped – so should the price surge in these commodities. It's too early to be categoric about it. For now, the animal spirits continue to soar into February. Michael Avery speaks to Chris Holdsworth, chief investment strategist at Investec Wealth and Investment.