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.