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 for industrial metals could prove unfounded. At the same time, we think that there is a risk that the prices of precious metals might fall back in the coming months as the Fed hikes rates aggressively in response to some of Mr Trump’s more inflationary policies. In this Metals Watch, we look at the implications of the global macroeconomic backdrop for metals markets and discuss the outlook for prices in 2017.
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