The key themes last month were a marked decline in expectations for global growth and a dash for safe-haven assets by investors. Even the recent easing of tensions in the US-China trade dispute has done little to perk markets up. That said, lower supply offered support to some metals prices. Looking ahead, we forecast lacklustre growth in most major economies, notably China, and expect this to weigh on metals prices through the rest of 2019. The obvious exceptions are gold and silver, where rising risk aversion should be a positive for prices.
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