{"id":47503,"date":"2024-01-30T11:25:54","date_gmt":"2024-01-30T02:25:54","guid":{"rendered":"https:\/\/news.samsungcnt.com\/en\/?p=47503"},"modified":"2024-01-30T11:33:37","modified_gmt":"2024-01-30T02:33:37","slug":"2024-key-commodity-market-outlook-part-1","status":"publish","type":"post","link":"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2024-01-2024-key-commodity-market-outlook-part-1\/","title":{"rendered":"2024 key commodity market outlook: Part 1"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"47503\" class=\"elementor elementor-47503\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0487573 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0487573\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b8eef8a\" data-id=\"b8eef8a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dd714c4 elementor-widget elementor-widget-text-editor\" data-id=\"dd714c4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>At the start of a new year, we often take stock of commodity markets after the publication of various annual forecasts. It can be challenging to get this right \u2013 for example, 2023 did not prove to be as profitable as expected for commodities, partly because supply chains were more resilient than anticipated.<\/p><p>Yet, we can still form an outlook based on the information available. In 2024, the <a href=\"https:\/\/think.ing.com\/reports\/commodities-outlook-2024-cautious-optimism-report\/\">fundamentals for most commodities range from neutral to mildly bullish<\/a> \u2013 despite slow growth expectations weighing on demand, trade might be bolstered by lower interest rates.<\/p><p>Those familiar with Samsung C&amp;T Trading &amp; Investment Group will know that its business interests include numerous key commodities. Let\u2019s take a look at how some of them are expected to fare this year before explaining where Samsung C&amp;T comes in.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f0302fc elementor-widget elementor-widget-heading\" data-id=\"f0302fc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Steel<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eb98c15 elementor-widget elementor-widget-text-editor\" data-id=\"eb98c15\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Let\u2019s start with steel, a commodity that\u2019s strongly connected to everything from the automotive and manufacturing sectors to construction and infrastructure.<\/p><p>The 2024 global outlook according to Fitch Ratings is <a href=\"https:\/\/www.fitchratings.com\/research\/corporate-finance\/neutral-sector-outlook-for-global-steel-in-2024-12-12-2023\">neutral<\/a>, though steel markets are expected to do a little better than a year ago. We can anticipate <a href=\"https:\/\/www.fitchratings.com\/research\/corporate-finance\/steel-demand-recovery-to-continue-in-most-markets-in-2024-excluding-china-14-12-2023\">low single-digit growth in demand in most regions, except for China<\/a>, where demand is set for a slight fall.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08b2fd1 elementor-widget elementor-widget-image\" data-id=\"08b2fd1\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/news.samsungcnt.com\/en\/wp-content\/uploads\/sites\/3\/2024\/01\/steel-e1706580983361.jpg\" data-elementor-open-lightbox=\"yes\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NDc1MDYsInVybCI6Imh0dHBzOlwvXC9uZXdzLnNhbXN1bmdjbnQuY29tXC91cGxvYWRcLzIuMFwvd3AtY29udGVudFwvdXBsb2Fkc1wvc2l0ZXNcLzNcLzIwMjRcLzAxXC9zdGVlbC1lMTcwNjU4MDk4MzM2MS5qcGcifQ%3D%3D\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"500\" height=\"329\" src=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/steel-e1706580983361-500x329.jpg\" class=\"attachment-medium size-medium wp-image-47506\" alt=\"\" srcset=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/steel-e1706580983361-500x329.jpg 500w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/steel-e1706580983361-768x505.jpg 768w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/steel-e1706580983361.jpg 1021w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a3e6fb6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a3e6fb6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-edebc18\" data-id=\"edebc18\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bffcd5b elementor-widget elementor-widget-heading\" data-id=\"bffcd5b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Copper<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca08b91 elementor-widget elementor-widget-text-editor\" data-id=\"ca08b91\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Moving on to \u201cDr. Copper,\u201d as this commodity is often known because of the way its price indicates overall economic health, the good news is that its long-term outlook is actually very positive because of demand from green industries \u2013 copper is needed for electric vehicles (EVs), EV batteries, charging stations, and renewable energy production as well as electrical wiring.<\/p><p>But for now, copper\u2019s demand outlook is <a href=\"https:\/\/think.ing.com\/articles\/uncertain-global-economic-recovery-looms-over-copper\">bearish to neutral<\/a> due to economic uncertainty, according to ING, a global financial institution, with particular challenges including weak global manufacturing and China\u2019s property slowdown.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d28a9fc elementor-widget elementor-widget-image\" data-id=\"d28a9fc\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/news.samsungcnt.com\/en\/wp-content\/uploads\/sites\/3\/2024\/01\/copper.jpg\" data-elementor-open-lightbox=\"yes\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NDc1MTEsInVybCI6Imh0dHBzOlwvXC9uZXdzLnNhbXN1bmdjbnQuY29tXC91cGxvYWRcLzIuMFwvd3AtY29udGVudFwvdXBsb2Fkc1wvc2l0ZXNcLzNcLzIwMjRcLzAxXC9jb3BwZXIuanBnIn0%3D\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"267\" src=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/copper-500x267.jpg\" class=\"attachment-medium size-medium wp-image-47511\" alt=\"\" srcset=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/copper-500x267.jpg 500w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/copper-1024x546.jpg 1024w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/copper.jpg 1132w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7996ef6 elementor-widget elementor-widget-heading\" data-id=\"7996ef6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Nickel &amp; cobalt<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e24a9b4 elementor-widget elementor-widget-text-editor\" data-id=\"e24a9b4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>You might think things can\u2019t get much worse for nickel, which was the worst-performing metal on the London Metal Exchange in 2023 when <a href=\"https:\/\/think.ing.com\/articles\/uncertain-global-economic-recovery-looms-over-copper\">this 2024 outlook<\/a> was published by ING. But this year nickel is expected to remain pressured because of a global surplus, although \u2013 again, like copper \u2013 its long-term outlook is bright due to its role as a green metal and continued demand for EV batteries.<\/p><p>Another important rechargeable battery commodity, cobalt, faces a <a href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/metals\/122723-oversupply-low-prices-for-cobalt-to-persist-in-2024-as-demand-slips\">similar outlook<\/a> amid struggling demand and abundant supply, according to S&amp;P Global &#8211; but even as cobalt content in batteries has been falling, cobalt-based batteries \u201cremain the most advanced technology, especially for EV purposes.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a97fde1 elementor-widget elementor-widget-image\" data-id=\"a97fde1\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/news.samsungcnt.com\/en\/wp-content\/uploads\/sites\/3\/2024\/01\/cobalt.jpg\" data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-title=\"cobalt\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NDc1MTIsInVybCI6Imh0dHBzOlwvXC9uZXdzLnNhbXN1bmdjbnQuY29tXC91cGxvYWRcLzIuMFwvd3AtY29udGVudFwvdXBsb2Fkc1wvc2l0ZXNcLzNcLzIwMjRcLzAxXC9jb2JhbHQuanBnIn0%3D\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"287\" src=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/cobalt-500x287.jpg\" class=\"attachment-medium size-medium wp-image-47512\" alt=\"\" srcset=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/cobalt-500x287.jpg 500w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/cobalt-1024x588.jpg 1024w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/cobalt.jpg 1200w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c8159c4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c8159c4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a601b3f\" data-id=\"a601b3f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-915ca8f elementor-widget elementor-widget-heading\" data-id=\"915ca8f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Gold &amp; silver<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9da756 elementor-widget elementor-widget-text-editor\" data-id=\"a9da756\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Now we come to precious metals, the gleam of which always seems to attract attention! Starting with a big plus, gold is set for a <a href=\"https:\/\/www.nasdaq.com\/articles\/gold-silver-copper-daily-forecast:-precious-metals-poised-for-dynamic-changes-in-2024\">very positive year<\/a> based on this 2024 outlook published by FX Empire. Indeed, the gold market is expected to hit record highs having already enjoyed double-digit growth in 2023. Geopolitical tensions combined with the activities of central banks are combining to strengthen the forecast.<\/p><p>Unfortunately for silver, its outlook is more similar to that of copper amid bearish sentiment despite being partially supported by industrial demand.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7718fcc elementor-widget elementor-widget-image\" data-id=\"7718fcc\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/news.samsungcnt.com\/en\/wp-content\/uploads\/sites\/3\/2024\/01\/gold.jpg\" data-elementor-open-lightbox=\"yes\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NDc1MTMsInVybCI6Imh0dHBzOlwvXC9uZXdzLnNhbXN1bmdjbnQuY29tXC91cGxvYWRcLzIuMFwvd3AtY29udGVudFwvdXBsb2Fkc1wvc2l0ZXNcLzNcLzIwMjRcLzAxXC9nb2xkLmpwZyJ9\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"375\" src=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/gold-500x375.jpg\" class=\"attachment-medium size-medium wp-image-47513\" alt=\"\" srcset=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/gold-500x375.jpg 500w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/gold-1024x768.jpg 1024w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/01\/gold.jpg 1280w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-499de58 elementor-widget elementor-widget-heading\" data-id=\"499de58\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Where does Samsung C&amp;T come in?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f63a7b1 elementor-widget elementor-widget-text-editor\" data-id=\"f63a7b1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Samsung C&amp;T\u2019s traders watch all of these markets very closely while operating out of dozens of locations worldwide. They assess and respond to demand fluctuations while constantly striving to bolster supply chains through the company\u2019s global logistics networks.<\/p><p>Regarding the specific commodities mentioned above, Samsung C&amp;T is involved in a range of global steel trading operations across nearly 40 countries \u2013 and we recently got to know about <a href=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2023-03-getting-to-know-stainless-steel\/\">stainless steel<\/a> and the company\u2019s related interests, which include production bases in Europe and China. It also continues to be active in the <a href=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2023-11-getting-to-know-copper\/\">copper business<\/a>, having built expertise in this area since 1981. Samsung C&amp;T trades both copper cathode and concentrates, sourcing suppliers and securing demand across four continents.<\/p><p>Meanwhile, the company has been participating in the recycling value chain of core <a href=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2023-07-getting-to-know-battery-recycling\/\">renewable battery materials<\/a> such as nickel and cobalt, as Samsung C&amp;T seeks to help drive the circular economy potential of these commodities while it strengthens its eco<strong>&#8211;<\/strong>friendly business portfolio. Moreover, the company supports the supply of precious metals by trading mining chemicals. Our recent <a href=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2023-10-sct-office-spotlight-accra\/\">Office Spotlight article focusing on Accra<\/a> showcased the activities of Samsung C&amp;T\u2019s Ghana-based traders in an area once called the Gold Coast as Ghana is rich in mineral resources \u2013 and especially gold.<\/p><p>But our outlook for various markets doesn\u2019t stop there \u2013 we will continue with part two of this series next month.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>At the start of a new year, we often take stock of commodity markets after the publication of various annual forecasts. It can be challenging to get this right \u2013 for example, 2023 did not prove to be as profitable as expected for commodities, partly because supply chains were more resilient than anticipated. Yet, we [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":47504,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-47503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading-investment"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2024 key commodity market outlook: Part 1 - Samsung C&amp;T Newsroom<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2024-01-2024-key-commodity-market-outlook-part-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2024 key commodity market outlook: Part 1 - Samsung C&amp;T Newsroom\" \/>\n<meta property=\"og:description\" content=\"At the start of a new year, we often take stock of commodity markets after the publication of various annual forecasts. It can be challenging to get this right \u2013 for example, 2023 did not prove to be as profitable as expected for commodities, partly because supply chains were more resilient than anticipated. 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