Geopolitics, elections top list of risks for commodities in 2024: report

It will be impacted by the wars in the Middle East, Ukraine and upcoming elections in many countries.

The wars in the Middle East and Ukraine, and the upcoming elections in many countries will pose high regulatory risks for commodities markets, Fitch Ratings reported.

These developments, in particular, raise regulatory uncertainty for natural resources in some jurisdictions.

“We expect the geopolitical price premium to continue for most commodities – including oil and gas, copper and defensive commodities such as gold – but faltering economic growth along with significant spare oil capacity will limit the price rally,” the report.

Global demand growth across commodities, including oil, copper and aluminium, is likely to weaken in 2024 linked to global economic growth and China’s GDP growth forecast of less than 5% as its property market struggles to stabilise, Fitch further reported.

The supply response including production interruptions will determine the market balance, the report also noted.

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