CHART OF THE DAY: Suddenly, This Commodity Selloff Looks Really Familiar

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Commodities have been getting clubbed of late, but it’s not clear yet whether this is a “dip” or the start of something big.

A new report from the commodities team at Citi hints at the former — something along the lines of a dip.

And it turns out — as this chart observes — there’s a pretty good historical pattern of early-year dips in both Chinese GDP growth and a slip in steel and base metal stocks (FEBASE).

It’s certainly plausible that this is just a seasonal dip.

chart of the day, china gdp, febase, may 2011