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Metals Chart Pack (Jan. 2024)

Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. 

Interest rate cuts across advanced economies this year will give some boost to economic activity, although it will remain relatively subdued. Nonetheless, industrial metals demand growth will pick up. Supply growth will cap price rises for some metals, but for others like copper, robust supply growth last year will give way to slower growth and significant prices rises in 2024. Infrastructure spending in China is in the midst of an upturn owing to looser fiscal policy which, coupled with rate cuts, we also expect to provide support to the struggling property sector. Overall, we forecast base metals prices to generally edge higher over the course of the year. Meanwhile, the boost to precious metals prices from expected rate cuts by the Fed has already run most of its course.

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