Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments.
Industrial metals demand will recover this year, boosted by rate cuts and a bit of a recovery in economic growth in advanced economies. That said, recovering supply will cap price rises for some metals, such as aluminium and nickel. Policies outlined at China’s National People’s Congress indicated some support for industrial metals demand in 2024. But the slowdown in property sector activity is inevitable and will be a headwind to prices beyond this year. Meanwhile, the recent surge in the gold price appears overdone and we doubt it will receive further support from expectations of Fed easing.
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