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Metals Demand Monitor (Jan.)

Our in-house demand proxies for industrial metals picked up at the start of 2023, which is consistent with China re-opening and resilient macroeconomic data in most advanced economies. What’s more, we suspect that growth will have accelerated in February and March. But it may start to ease back again in Q2 as monetary tightening in much of the world ex-China translates into lower economic activity.  

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