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COP28 declaration unlikely to drive prices next week

In the absence of major news, the majority of commodity prices drifted lower this week. Looking ahead to next week, the end of COP28 is unlikely to drive prices as we suspect that any announcements will be heavy on promise but light on detail. Meanwhile, if China's November activity and spending data (Friday) show an improvement as we expect, it will give a boost to most commodity prices.  

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