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China metals demand; EU weighing Russia metals ban

It was generally a positive week for commodity prices and particularly for industrial metals prices. All major industrial metals finished the week higher, seemingly due to some improvement in risk appetite surrounding China. Despite all the doom and gloom headlines around China’s property sector, the backdrop in China for industrial metals has actually strengthened in recent months. We think this, coupled with rising demand in other sectors from the green transition, moderating supply growth and low stocks of metals means that prices are poised to make gains in 2024. 

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