Commodities: Strong advanced economy demand boosts prices
What you will learn:
- Brent crude has risen to $90pb as resurgent demand and geopolitical uncertainty drives bullish price action. We forecast a moderate decline in oil prices from Q3 onwards with Brent closing this year at $80pb.
- Precious metals prices rallied last month, with gold reaching multiple all-time highs. Strong structural demand forces created a very supportive environment for gold, with EM central banks, Chinese consumers, and money managers the biggest buyers of the metal recently. We’ve raised our outlook in the short term, but think that the rally has run out of momentum.
- We’ve cut our iron ore price forecast after a sharp fall in March. We’ve raised all our H2 2024 steel price forecasts marginally as we expect the global industrial cycle to slowly improve.
To learn more about our price forecasts for base metals, precious metals, battery raw materials and food, please submit the form to download the full report.
Tags:
Related Reports
Post
How China is reframing its Africa strategy
We think the impact of the stimulus announced by China on the prices of commodities exported by Africa will be limited. What matters more is China’s changing long-term strategy on the continent.
Find Out More
Post
Five key commodity trends to watch for in 2025
Looking into the next 12 months, we see a more nuanced outlook for commodities market. Here are the five key commodity trends to watch for in 2025.
Find Out More
Post
Global: Revisiting the global impact from a slowing China
China's economy looks to have entered a marked downturn. Cyclical trends in China are always tricky to assess given the 'smoothing' of official data, but one clear signal that the economy is struggling is the recent stimulus package announced by the authorities – policy moves can often be revealing about underlying trends in China.
Find Out More