BASELINE VIEW – PRECIOUS METALS:
The outlook for precious metals remains largely constructive, with gold and PGMs to benefit from a weaker USD over the coming months. Supply issues will further support platinum, with limited scope currently for any major increases in output from SA, the world’s major producer.
BASELINE VIEW – INDUSTRIAL METALS:
Industrial and base metals have recovered amid a weaker USD and expectations for Fed rate cuts. However, the US economy is looking to be weaker than expected, while China’s continues to struggle to gather any positive momentum. This is a major risk that will need to be factored in once the euphoria of lower US interest rates fades and demand fundamentals reassert themselves.
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