The outlook for metals darkens

Aside from the temporary blockade of the Suez Canal, March was a relatively uneventful month for industrial metals prices. Nevertheless, we still expect prices to fall this year as mine supply rebounds, particularly in Latin America, at a time of slower growth in demand in China. Meanwhile, we have revised down our end-2021 gold price forecast to $1,600 per ounce as we now expect US real yields to rise further.