Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments.
China’s announced support for the property sector and the extent of fiscal stimulus is modest, but it will help to support base metals demand in the coming months. Accordingly, we expect prices to tread water over the rest of 2023. Prices should rise in 2024 as monetary easing supports advanced economy growth while supply remains constrained. A rise in infrastructure spending will also temporarily bolster China’s steel demand, supporting prices. Elsewhere, US and EU steel demand are likely to rise next year as interest rates are cut and economic growth picks up. Meanwhile, a stronger US dollar bodes ill for precious metals prices towards year-end, but US rate cuts and a weaker dollar in 2024 will provide a more positive backdrop.
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