Monthly Metals Strategy


We have turned short-term neutral from bearish towards industrial metals as there is potential for a modest relief rally in Q313. Price sentiment has declined to bearish extremes in recent months.

  • Nonetheless, we continue to expect an H213 China growth relapse and for a continued slowdown over the coming years . As a result , we remain bearish key metals such as copper, iron ore and steel on a medium-term basis.

  • We retain a bearish iron ore view in our commodities strategy table, a position that has moved 15.3 % in our favour since initiation. That said, we recognise that iron ore prices coul d well rally further off their 2013 lows in the next few weeks.

  • Boom Years Are Over
    S&P GSCI Industrial Metals Index (Monthly Chart)
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    Geography: China, Global, Tanzania, Global, Global