Industrial metals prices have risen recently on the back of supply concerns related to higher energy costs and power rationing in China. Both factors will continue to support prices in the near term. However, we expect these supply issues to be broadly resolved by spring 2022, and that weaker demand in top consumer China will drag on prices thereafter. We also forecast falls in precious metals prices, but that has more to do with our expectation that US real yields will be gradually rising over the course of next year.
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