HSBC in a Sept. 17 report examined the relationship between Fed rate cuts and copper and aluminum prices over the past 30 years.
In its base case, Citi sees copper prices averaging $9,000 per ton for the rest of this year, citing U.S. election uncertainty and weak manufacturing sentiment.
Energy Citi anticipates that oil will suffer renewed price weakness in 2025, with Brent falling to around $60 a barrel.
Based on what happened in 2019, trade tariffs lowered global oil demand growth by 0.2 million barrels a day.
A slowdown in China, among the world's largest importer and consumer of oil, has been blamed on slowing global oil demand.
Persons:
annualized, it's, that's, Brent
Organizations:
U.S . Federal Reserve, Citi, HSBC, Commodities, Energy Citi
Locations:
China, U.S, Europe, Iran