Commodity Price Forecasts

Commodity Price Forecasts

  • July 2020 •
  • 23 pages •
  • Report ID: 1907493 •
  • Format: PDF

The wave of bullish sentiment that lifted commodity prices in May persisted into June and early-July as lockdowns were eased and financial markets were buoyed by aggressive stimulus from the world's major central banks. A strong recovery in Chinese demand has also helped to boost demand for steel, iron ore and base metals. There has been surprisingly little reaction to the rapid rise in Covid-19 cases in places such South America and the US, possibly warning that speculative froth is starting to build in some areas. Brent oil and iron ore prices are both up another 2% m/m, while gold is up 5% and base metals are up 1-7%. Copper looks better placed to benefit from the current upswing in China, while oil's upside looks limited.   

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