Industrial Metals Update

31 October, 2018

Stocks to rise in 2019

Total exchange stocks for most industrial metals have declined year-to-date with cancelled warrants up in most cases, which implies strong demand. The major exception is tin. In 2019, we expect a reversal in this stocks picture as we think that the global economy will slow, dampening demand. At the same time, weaker anti-pollution controls in China, relative to last year, should lead to higher metals production.

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