Metals Chart Book

5 January, 2017

Metals prices come off the boil in December

The prices of most metals rose last year, but industrial metals substantially outperformed precious. While we had always been positive on the outlook for metals in 2016, even we were surprised by the scale of the rally. Indeed, we are now concerned that the prevailing optimism about demand could prove unfounded. As such, the prices of industrial metals, in particular, may ease back as optimism fades. That said, supply will be a differentiating factor. At the same time, more aggressive tightening

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