Donald Trump’s re-election has sent shockwaves through the commodity markets, with analysts predicting a surge in steel prices and a potential decline in copper due to his anticipated trade policies. The Canadian market, heavily reliant on resource exports, faces particular uncertainty as Trump’s stance on tariffs could impact commodity-driven industries across North America.
UBS has adjusted its price forecast for metallurgical coal in 2024, reducing its hard coking coal (HCC) price prediction to $265 per tonne. Despite this short-term reduction, UBS remains optimistic about the medium and long-term prospects for metallurgical coal, anticipating a price recovery in the second half of 2024 driven by increased Chinese steel production and a rise in demand from India. The firm has also raised its medium and long-term forecasts for premium low-volatility (PLV) HCC due to anticipated cost increases and lack of investment in supply infrastructure.
CNBC’s Frank Holland provides an overview of the recent fluctuations in cocoa prices, including factors driving the changes and potential implications for the industry.
