This week was a tale of two halves. In the first, prices generally came under pressure, including oil which continued its post-OPEC+ meeting plunge as concerns of oversupply persist. In the second half, most commodity prices rallied on the back of dovish comments by Fed Chair Jerome Powell following the FOMC meeting. With US inflation continuing to normalise, we think the rate cutting cycle by the Fed next year will provide support to commodity prices in 2024.
After a drama packed week that included the conclusion to COP28, central bank meetings and China’s activity data, the week ahead will (touch wood) be much quieter. In the absence of many data and events, it makes for perfect timing to read our Commodities Overview Outlook!
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