In this podcast episode, we explore the metals market for 2024, focusing on key players like copper, aluminum, nickel, and gold. The first half of the year witnessed a notable rally fueled by optimism surrounding energy transition demands, especially for copper. However, this surge proved temporary as underlying fundamentals weakened, particularly in China, where demand faltered. In contrast, the latter part of the year experienced renewed interest thanks to Chinese stimulus, though skepticism lingers. Aluminum stands out as a tightening market due to supply constraints, while nickel faces oversupply from increased production in Indonesia and shifts in battery technology. Gold's rising prices are linked to several factors, including heightened Chinese retail investment and uncertainty from geopolitical tensions and US economic policies. Overall, this episode underscores the need to distinguish between market narratives and fundamental realities when assessing metal prices.
