We expect most commodity prices to rise in 2024 as major central banks loosen monetary policy and economic activity starts to pick up. Meanwhile, China’s policymakers have taken steps to support the ailing property sector, which should be less of a drag on demand next year. We are less positive on the outlook for oil and gas prices as we expect supply of both fossil fuels to pick up at a time of subdued demand. Indeed, the rapid deployment of renewable energy and electric vehicles will increasingly weigh on fuel prices in 2024-25, while simultaneously giving a boost to metals demand and prices.
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