Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments.
The strong rally in industrial metals prices seems stretched and, as a result, we expect prices to ease lower by end-year. After all, while industrial metals demand will recover this year, boosted by a combination of interest rate cuts, a recovery in economic growth in advanced economies, and government support for infrastructure spending in China, we doubt it will be overly strong. Moreover, a slowdown in China’s property sector activity is inevitable and will be a headwind to prices beyond this year. Meanwhile, the recent surge in the gold price also appears overdone and we doubt it will receive further support from expectations of Fed easing.
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