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Annual & Mid-year Outlook | Commodities

Is the Bull Cycle in Gold Still Intact?

Key Takeaways

  • Even as OPEC+ tapers its production cuts and encouraging vaccine news boost demand recovery, market balancing for crude oil could remain robust in 2021. Citi analysts expect Brent and WTI prices to average US$54/bbl and US$51/bbl respectively in 2021.  
  • The current gold bull market may slow but not end provided the Fed’s monetary policy stays accommodative and gold prices could average US$1,900/oz in 2021.
  • Global decarbonization efforts see increased conviction in copper while coal markets appear to be dependent on Chinese import policies.