At this time last year, we pub- lished a moderately upbeat assessment of the metals markets going into 2018, citing a number of variables we thought would help our case. In particular, we noted thatall six metals should benefit from ongoing supply/demand deficits in 2018, declininginventories, Chinese-mandated production cuts and most importantly, strong synchro- nized global growth. We did take note ofsome cautionary flags that were on thehorizon, including rising trade tensions and higher US interest rates, but all in all, we thought metals would likely hold their own for much of the year. With one more month to go before the year wraps up, our 2018 forecasts are laid out (alongside) and we have also compared them to where prices actually ended up doing through to the end of November. We also present our 2019 forecasts in the top table.

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LME 2018-2019 Price Outlook – Opp Trader