BASELINE VIEW – PRECIOUS METALS:
Post the recent release of US Non-Farm Payrolls and Fed speak pointing to the potential for higher rates than currently priced we may see the precious metals market struggle in the coming weeks until further clarity on global interest rates and more specifically the direction of the dollar is received.
BASELINE VIEW – INDUSTRIAL METALS:
Supply/demand imbalances for industrial metals remain and this coupled with China reopening should continue to support prices in the near term. Further out in 2023 we could see demand start to the weekend as the economic cycle weakens and this would coincide with a recovery in supplies. Much also depends on the action of central banks throughout the next couple of months given that some have indicated the tightening will continue.
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