Mining, particularly battery metals, will be boosted if other predictions from the Edinburgh-headquartered commodity market specialists pan out Woodmac. mining
report makes ten predictions for 2023, including that world oil demand growth will bounce back, carbon capture, use and storage will go mainstream and that developed countries will follow the US Inflation Reduction Act and step up their own policy support for low carbon energy.
“The construction sector, a key area for iron ore, steel and base metals, will be a drag on global demand, with the Chinese real estate market in particular remaining sluggish. Pickens does point out that there are some upside potential on the demand side next year, but “overall, we think the prevailing tendency in prices will be downwards”:
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