BASELINE VIEW – PRECIOUS METALS: Gold prices have run out of some momentum as geopolitical risks have fallen to the wayside, and central bank buying has slowed. However, global central bank policy easing should continue to provide some support, and could push prices back toward their record highs .
BASELINE VIEW – INDUSTRIAL METALS: Base metals remained under pressure through June, and while the first half of July has seen a mild recovery, the demand outlook remains uncertain. Inventories are still high and China’s economic outlook has not improved, which may limit any gains from a weaker USD over the near term.
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