Commodities – The energy and interest rate transition (EN)

The clean energy transition, supply shortages, and a major
macroeconomic shift all point towards strong performance by mining
equities in 2024 2023 delivered a range of surprises for investors
as the US banking crisis, China’s disappointing economic reopening,
and multiple conflicts, buffeted markets. These events were
accompanied by volatility caused by speculation over monetary
policy direction, as central bankers, led by the US Federal
Reserve, battled to tame rampant inflation. We begin 2024 with
global equity markets in a bullish state, in anticipation of lower
interest rates, lower inflation, and a “soft landing”. Whether this
euphoria lasts or fades, we believe a bull market phase for metals
and mining is approaching. US interest rate cuts have historically
given a significant boost to many commodity prices and to miners,
particularly the precious metals sector. Meanwhile the seemingly
unstoppable momentum of the clean energy transition continues to
drive historic demand forecasts for the speciality and battery
metals sector. Key themes for the metals and mining sector in 2024:
The green revolution is gaining pace - COP28 reinforced commitments
to decarbonise and transition to clean energy. Mining is a crucial
part of the path to net zero, and demand for speciality metals is
forecast to soar. Short-term oversupply of certain battery metals
will ease – Rapid investment in battery metals production, coupled
with weak Chinese growth, caused oversupply for many metals in
2023. We see this reversing in 2024. Supply-side challenges are
growing – Miners face low discovery rates alongside strict
permitting regimes and rising resource nationalism.Disclaimer DE:
Der Inhalt dieser Folge dient der allgemeinen Information und ist
keine Empfehlung zum Kauf oder zur Veräusserung bestimmter
Finanzinstrumente. Alle Angaben sind ohne Gewähr und es handelt
sich nicht um Anlageberatung.   EN: The content of this
episode is for general information purposes only and does not
constitute a recommendation to buy or sell specific financial
instruments. All information is provided without guarantee and does
not constitute investment advice.