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Metals Chart Pack (May 2024)

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

The strong rally in industrial metals prices seems stretched and, as a result, we expect prices to ease lower by end-year. After all, while industrial metals demand will recover this year, boosted by a combination of interest rate cuts, a recovery in economic growth in advanced economies, and government support for infrastructure spending in China, we doubt it will be overly strong. Moreover, a slowdown in China’s property sector activity is inevitable and will be a headwind to prices beyond this year. Meanwhile, the recent surge in the gold price also appears overdone and we doubt it will receive further support from expectations of Fed easing. 

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