Year in Review 2023 and Outlook for 2024
January 04, 2024
The past year was a difficult one overall for the metals, with the main standouts to
the upside being a geopolitical risk-driven gain in gold, a China-driven rise in iron ore
and a surge in uranium on broadening global support for nuclear power (Figure 1). A
jump in global interest rates to near two-decade highs saw recession fears persist all
year, and while one still did not actually erupt, cooling economic activity saw the
prices of the rest of the metals range from near flat to heavily down. This year was
also the first where the distortions to supply chains from the global health crisis finally
subsided, and the 2022 price spikes for many metals continued to reverse, which
was the case for the weakest performers, including cobalt, nickel, and lithium.
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