BASELINE VIEW – PRECIOUS METALS: Gold prices have remained supported by global geopolitical risks, central bank buying, and expectations for easier monetary policy ahead. These factors are to persist over the near to medium-term, keeping gold prices propped up.   

BASELINE VIEW—INDUSTRIAL METALS: Base metals have come off the highs reached in late May, with the demand outlook remaining quite volatile. The market will continue to take direction from changes in China’s economic outlook, but rising stockpiles will limit the topside over the near term.