Metals rallied ahead of spot fundamentals, but better times are indeed ahead

Industrial metals rallied close to 25% from 1 Dec-2023 to 20 May-2024 as marginal optimism replaced recession fears.

But prices have pulled back a bit since then as economic growth optimism has run ahead of spot fundamentals. Industrial metals prices rallied close to 25% from 1 Dec-2023 to 20 May-2024.

A solid gain on the back.