After a weak first half of 2023, second half brings hope for metals

What is good for copper, because of the EV segment, is bad for crude oil

Resource commodities like crude oil and base metals have felt the double whammy of higher rates and weak demand in the first half (H1) of this calendar year (CY23).

On the one side, the US Federal Reserve (Fed) continued raising interest rates. On the other, China’s demand failed to improve on expected lines. Moreover, globally, including in China, the overall macroeconomic (macro) indicators were not conducive to growth. As a result, except for copper, the prices of most base metals continued their downtrend, as seen in 2022.  In the past 12 months, zinc has been a major loser, with a 27