CS Industrial metals 09 December 2013 Outlook 2014

Commodity Spotlight Base Metals

Revival of global economy will support prices in 2014

After 2013 has turned out to be a year of considerable losses, metals should be able to pick up again moderately next year. For one thing, the global economic recovery we envisage should result in reviving demand, China remaining the key driver of demand despite enjoying weaker growth. And for another thing, our opinion is that market estimates of supply are excessive in the case of some metals, and that this is not yet reflected in prices.

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