Citigroup warns bulls to brace for more losses

New York

THE worst commodity meltdown since 2008 probably isn't the end of the pain for bulls, according to Citigroup Inc.

Excess supplies and a sluggish world economy mean that it's "hard to argue that most commodity prices have reached their trough for the year", analysts led by Ed Morse, the global head of commodities research, said in a report on Tuesday. The bank is bearish on crude oil, aluminium, platinum, iron ore, cocoa and wheat in the next three to six months.