Commodities had been under pressure in the past year, but we believe there are several reasons to be cautiously optimistic about the asset class in 2024 – the Chinese ‘Year of the Dragon’.
The key drivers of negative commodity performance in the past year were:
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Rising interest rates in many developed countries
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China’s economy stalling under the pressure of a real estate blow up
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Sentiment around the energy transition losing momentum
We believe all three will reverse course this year.
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Historical performance is not an indication of future results and any investments may go down in value.