Goldman Sachs predicts a 15% return in commodities by year-end 2024 due to demand support, geopolitical risks, and rate cuts in US and Europe.

Goldman Sachs maintains a bullish view for commodities in 2024, expecting a 15% return by year-end due to cyclical and structural support to demand, and geopolitical risks. The bank forecasts a 20% return in select sectors such as energy and industrial metals ex-nickel and zinc in the S&P GSCI Commodity Index for 2024. Rate cuts in the US and Europe from June are expected to support commodity demand and prices, particularly across copper, aluminum, and oil products.

March 25, 2024
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