Tight financial conditions and China’s biggest COVID outbreak yet mean global economic growth will slow further in the first quarter of next year, dragging most commodity prices lower. The slowdown will be accompanied by investor risk aversion, which will further undermine commodity prices. However, as global activity growth starts to recover from around the second quarter, we expect improved commodity demand growth and investor risk appetite to push prices higher.
In view of the wider interest we are also sending this Commodities Outlook to clients of our Metals and Energy Services.
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