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Commodities: Recovery Ahead?

Key takeaways

  • Citi analysts maintain 2019 average oil price forecasts of US$57/barrel for Brent and US$49/barrel for WTI respectively. Downside risks to oil prices include slower demand and USD appreciation while upside risk include tighter supply.
  • Citi analysts continue to favour gold as a safe haven against volatility, with potential for gold to average US$1,270 per ounce in 2019.
  • Iron ore price may average US$63/t in 2019 as the near-term downside to bulk prices appears limited, though any improvements also hinge highly on China policy signals.




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