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Copper supply set for further improvements

Copper prices have soared since mid-2020 as demand raced ahead of supply. However, a strong supply response is now underway which, in tandem with cooling copper demand, will weigh on prices into 2022.
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Precious Metals Update

Gold’s lustre to return in 2023

Having fallen sharply in Q2, we think that the gold price is now close to a cyclical trough. What’s more, the price should revive a little in 2023 as markets factor in the prospect of US monetary tightening.

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Global Aluminium Production (Jun.)

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Industrial Metals Update

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The recent highs in the zinc price have been driven by fears around supply as sky-rocketing energy prices have undermined smelter profitability. We expect power prices to remain high in the coming months which should constrain zinc supply and boost prices. However, as we move into 2022, we expect zinc supply to return as power prices fall and China’s economy continues to slow.

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Metals Data Response

Global Aluminium Production (Sep.)

Slower growth in aluminium output in September was probably linked to surging power prices. The combination of constrained output and soaring production costs will support aluminium prices in the near term and we have raised our end-2021 aluminium price forecast.

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Industrial Metals Update

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19 October 2021
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