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Industrial metals price weakness rolls over into 2024

This week was a mixed bag for commodities. As tensions in the Middle East continued to rise, oil prices edged up despite an increase in US petroleum product stocks pointing to sluggish demand. Meanwhile, Industrial metals prices were generally down this week, led by aluminium which fell by over 5%.

The spotlight next week will be on the US December CPI data (Thursday) as a driver of rate expectations. Elsewhere, Chinese trade data for December (Friday) is likely to show a pick-up in metals imports due to the step-up in infrastructure spending.

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