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Quarterly Metals Report

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In-depth analysis and price forecasts for base, precious and ferrous metals

Our quarterly metals report provides expert analysis and price forecasts for base, precious and ferrous metals, providing metal industry participants with actionable insights.

This in-depth report includes reviews of the macroeconomic environment and outlook for the global economy, central bank activity, analysis of manufacturing PMIs and geo-political influences.

Report highlights are also presented at our quarterly metal market webinars by our research team and an expert from our industrial commodities team, providing broker insights.

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Quarterly Metals Report – Q1 2024

During the last quarter, the markets expected the Fed to begin a cutting cycle, which caused the dollar and Treasury yields to decrease. This, along with predictions of China's recovery in 2024, boosted the prices of base metals by the end of the year. However, in Q1, the situation has changed. The US economy has shown robustness in terms of the labour market and consumer performance, which has led the market to price in the probability of cuts further down the curve. Additionally, despite continued support from the government, Chinese pessimism has yet to subside. In the upcoming months, macroeconomics will continue to play a crucial role in driving the day-to-day momentum, particularly in the aluminium and copper markets. Structural and cyclical indicators will also come into play when assessing the path for base metals performance. COT positioning, spreads, and stocks will drive the general price trend in the first half of the year while anticipating an economic recovery and easing monetary policy pressures in the latter half of the year.

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