The second half of 2023 has officially begun, meaning it’s time for us to reflect on the commodities market so far this year. To view our interactive, updated Periodic Table of Commodities Returns, click here.
First-quarter EV sales suggested a promising year for the market, with a predicted global sales figure of approximately 14 million vehicles. This would mark a robust 35% increase from 2022, raising the global electric sales share to about 18%, according to the International Energy Agency . Central banks may be nearing the end of their interest rate tightening cycle, with the Federal Reserve expected to hike rates possibly one more time, especially after June’s strong jobs numbers. The market consensus suggests a mild economic contraction in the U.S. after the Fed pauses, along with slow growth in other developed markets.
Notably hit were metals like iron ore and copper, significant indicators of cyclical portions of the global economy such as construction and manufacturing. These sectors are currently experiencing recessions in many regions.
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