This report provides a global overview of commodity market trends from 2017 through to 2022, including price forecasts up to 2024 for the key commodities in the Agriculture, Energy and Metals sectors. Insights analyse long-term global trends that can help businesses adapt to changes in the production and supply network, and identify business opportunities.
This report comes in PPT.
Global production output of key agricultural commodities has stabilised in 2022 as the market recovered from the initial shock caused by Russia’s invasion of Ukraine and supply-demand gradually rebalanced. Potential new supply disruptions and economic growth in China are among the key factors to determine agricultural commodity prices in 2023.
Global supply of energy commodities is forecast to show slow growth in 2023, in large part due to the weaker global economic growth and lower B2B demand. However, supply cuts announced by OPEC and negative spillovers from the war in Ukraine will continue to add to the volatility of energy prices in 2023.
Global production volumes of iron, steel and other industrial non-ferrous metals showed subdued growth in 2022. Increased economic uncertainty, weaker B2B demand and low investment in new mining projects are forecast to further limit production output growth in 2023.
Volatility in commodity markets is expected to ease in 2023, however growth in China to a large extent will determine commodity price levels. Following the removal of lockdown measures and relaxation of pent-up demand, China’s economic growth could accelerate in the second half of 2023, in turn lifting the prices of energy and metal commodities.
Despite the worsened economic outlook, demand for metals, such as lithium, used in electric vehicle (EV) batteries is forecast to grow as EV production sustains growth momentum. The lithium market is forecast to remain in deficit as demand continues to outpace supply growth.
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