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Sentiment towards metals diverges

Sentiment towards metals has diverged since the start of 2017. While investors have remained firmly bullish on precious metals, they have turned more bearish on industrial metals even as prices have continued to rise. Although, in some cases, this year’s rallies have been justified by tightening fundamentals, we think that the likelihood of slower growth in China and more aggressive monetary tightening in the US will weigh on metals prices over the coming months.

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