Our Commodities Overview Chart Pack has been updated with the latest data and our analysis of recent developments.
Energy and precious metal prices will remain volatile while there is a risk that the war between Israel and Hamas expands to include other countries in the region. For now, energy supplies have been largely uninterrupted, and prices should remain close to current levels in the coming months. China’s government has unveiled both fiscal and monetary policy support recently, mostly directed towards boosting infrastructure spending and restoring confidence in the property sector, but we don’t expect that this will translate into a surge in commodities demand. Instead, demand for many commodities should receive a boost only in late 2024 as developed economy central banks start monetary easing, and the US dollar depreciates.
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