- Following a volatile 2Q 2020, crude oil prices may be supported by demand improvements and lower supply. Citi analysts’ average Brent and WTI prices for 2020 are at US$42/bbl and US$38/bbl respectively.
- Gold continues to lead all commodities in year-to-date performance, proving to be an outperformer as a safe haven asset and acts as a risk hedge in portfolios. Gold prices are expected to continue to trend up in the medium-term.
- Downside risks to growth and rising US-China tensions may see base metal prices drift lower in coming months, while weak demand may also see iron ore prices trend lower over the longer run.