Goldman Sachs Group Inc predicts that the price of commodities, particularly crude oil, would be largely determined by when China reopens following the Lunar New Year celebrations later this month.
If China and other Asian economies entirely remove coronavirus limitations, a barrel of Brent oil may hit $110 by the third quarter, according to Currie. On Wednesday, crude oil futures are trading above $82.
According to Currie, copper prices are projected to surpass $11,500 per tonne by the end of 2023 after rising above $9,000 per tonne this week for the first time since June. According to predictions made by Trafigura Group, copper could eventually cost $15,000 per tonne.