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Three cyclical scenarios

The metal price cycle over the coming year has three feasible trajectories, each with important repercussions for how investors should approach the sector.

Three cyclical scenarios Three cyclical scenarios Three cyclical scenarios Three cyclical scenarios Three cyclical scenarios

The starting point is a cycle already mature by historical standards. Ebbing global growth momentum, less supportive monetary conditions and weaker constraints on supply add force to a change in direction.

 

London Metal Exchange prices are yet to retrieve losses made in March after peaking at their highest levels since early 2011.

 

Emerging markets have been trending lower since ...