{"id":47769,"date":"2024-02-15T17:11:09","date_gmt":"2024-02-15T08:11:09","guid":{"rendered":"https:\/\/news.samsungcnt.com\/en\/?p=47769"},"modified":"2024-03-07T14:35:38","modified_gmt":"2024-03-07T05:35:38","slug":"2024-key-commodity-market-outlook-part-2","status":"publish","type":"post","link":"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2024-02-2024-key-commodity-market-outlook-part-2\/","title":{"rendered":"2024 key commodity market outlook: Part 2"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"47769\" class=\"elementor elementor-47769\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1f35dca elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1f35dca\" 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-fd0771c\" data-id=\"fd0771c\" 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-c048ebe elementor-widget elementor-widget-text-editor\" data-id=\"c048ebe\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>We kicked off our <a href=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2024-01-2024-key-commodity-market-outlook-part-1\/\">2024 key commodity outlook<\/a> by assessing this year\u2019s expectations for steel, copper, rechargeable battery materials, and precious metals. In doing so, we presented a mixed picture of opportunities and challenges, as global economic uncertainty weighs on many commodities.<\/p><p>Continuing with the second part of our outlook, we will now look at various forms of energy and fertilizer, which may be affected by factors ranging from geopolitical concerns to the worldwide transition away from fossil fuels. Moreover, post-pandemic energy consumption is set to grow 1.8% in 2024, up from 1.2% last year, according to economic and political analysis provider <a href=\"https:\/\/www.eiu.com\/n\/campaigns\/energy-in-2024\/\">Economist Intelligence<\/a> Unit (EIU).<\/p><p>As we did in the first part of our outlook, we will also explain where Samsung C&amp;T Trading &amp; Investment Group\u2019s business interests come in.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab23ad6 elementor-widget elementor-widget-heading\" data-id=\"ab23ad6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Crude oil<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b9de8f6 elementor-widget elementor-widget-text-editor\" data-id=\"b9de8f6\" 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<p>Crude oil, which remains such a vital commodity around the world despite pressure to reduce fossil fuels, is caught in a battle between supply and demand.<\/p><p>According to <a href=\"https:\/\/www.goldmansachs.com\/intelligence\/pages\/oil-prices-may-be-soft-in-2024-amid-surprisingly-ample-supply.html\">Goldman Sachs<\/a>, supply of crude oil will be \u201csurprisingly ample\u201d this year. Continued robust supply from non-OPEC nations suggests \u201csofter\u201d crude oil prices, based on this analysis. On the other hand, <a href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/oil\/011724-opec-optimistic-on-global-oil-demand-growth-in-2024-2025-on-strong-economic-forecasts\">S&amp;P Global<\/a> cites OPEC\u2019s expectation that increased non-OPEC supply will be significantly outpaced by demand over the next two years, as OPEC nations maintain \u201caggressive supply cuts.\u201d<\/p><p>If we look at some figures, the <a href=\"https:\/\/www.reuters.com\/business\/energy\/iea-raises-2024-oil-demand-growth-forecast-again-2024-01-18\/\">International Energy Agency (IEA) recently revised up<\/a> its global oil demand forecast to 1.24 million barrels per day (bpd) this year, which is behind OPEC\u2019s forecast of 2.25 million bpd \u2013 and the <a href=\"https:\/\/www.euronews.com\/business\/2023\/12\/25\/oil-price-forecast-for-2024-whats-in-store-for-global-crude\">IEA sees Brent crude oil at US$82.57 per barrel in 2024<\/a> compared with Goldman Sachs\u2019 view of US$80-81.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-df00728 elementor-widget elementor-widget-image\" data-id=\"df00728\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=61222#:~:text=We%20expect%20the%20Brent%20crude,generally%20follow%20the%20same%20path\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"476\" src=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/oil_graph-1024x476.png\" class=\"attachment-large size-large wp-image-47772\" alt=\"\" srcset=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/oil_graph-1024x476.png 1024w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/oil_graph-500x232.png 500w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/oil_graph.png 1312w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\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-48a9d5f elementor-widget elementor-widget-heading\" data-id=\"48a9d5f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Fertilizer<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b891c88 elementor-widget elementor-widget-text-editor\" data-id=\"b891c88\" 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<p>Fertilizer prices have been strongly linked with global conflicts and other economic disruptions. They eased last year after soaring to record levels in 2022 following the outbreak of war in Ukraine. But this year, ongoing geopolitical tensions in regions such as the Red Sea, coupled with China\u2019s trade outlook, mean that the cost of fertilizer will have to be watched closely.<\/p><p><a href=\"https:\/\/www.dtnpf.com\/agriculture\/web\/ag\/crops\/article\/2023\/12\/04\/global-nitrogen-fertilizer-supply\">Rabobank<\/a>, a Dutch multinational banking and financial services company, has issued a positive outlook for nitrogen fertilizer in particular because it is more affordable, and prices are now \u201cfloating around historical averages\u201d for ammonia, urea ammonium nitrate, and urea. Meanwhile, leading credit rating agency <a href=\"https:\/\/www.fitchratings.com\/research\/corporate-finance\/fitch-ratings-raises-several-fertiliser-price-assumptions-11-12-2023\">Fitch Ratings<\/a> forecasts higher-than-expected prices for various fertilizer commodities, including ammonia and urea.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9ed1c2 elementor-widget elementor-widget-image\" data-id=\"d9ed1c2\" 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<a href=\"https:\/\/news.samsungcnt.com\/en\/wp-content\/uploads\/sites\/3\/2024\/02\/fertilizer-e1707985032977.jpg\" data-elementor-open-lightbox=\"yes\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NDc3NzMsInVybCI6Imh0dHBzOlwvXC9uZXdzLnNhbXN1bmdjbnQuY29tXC91cGxvYWRcLzIuMFwvd3AtY29udGVudFwvdXBsb2Fkc1wvc2l0ZXNcLzNcLzIwMjRcLzAyXC9mZXJ0aWxpemVyLWUxNzA3OTg1MDMyOTc3LmpwZyJ9\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"768\" height=\"464\" src=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/fertilizer-e1707985032977-768x464.jpg\" class=\"attachment-medium_large size-medium_large wp-image-47773\" alt=\"\" srcset=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/fertilizer-e1707985032977-768x464.jpg 768w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/fertilizer-e1707985032977-500x302.jpg 500w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/fertilizer-e1707985032977.jpg 997w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\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-2a0513a elementor-widget elementor-widget-heading\" data-id=\"2a0513a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Natural gas<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f72afce elementor-widget elementor-widget-text-editor\" data-id=\"f72afce\" 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<p>Natural gas has been seen as a particularly important geopolitical commodity in recent years. Just as fertilizer is vital for food supply, gas keeps many homes warm during cold winters among other applications.<\/p><p>Despite heightened geopolitical uncertainty, natural gas is on course for greater demand in 2024 on the back of lower prices, according to the <a href=\"https:\/\/www.iea.org\/news\/global-gas-demand-set-for-stronger-growth-in-2024-despite-heightened-geopolitical-uncertainty\">International Energy Agency<\/a>. Indeed, <a href=\"https:\/\/www.barrons.com\/articles\/natural-gas-price-weather-ce831a27\">natural gas prices have fallen 40% in the past three months<\/a>, while futures were trading just above US$2 per million British Thermal Units earlier this month.<\/p><p>More generally, since spiking in 2022, the price of natural gas has been on a consistently <a href=\"https:\/\/www.nasdaq.com\/articles\/natural-gas:-can-natural-gas-continue-to-rally-in-2024\">bearish course<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e7278e7 elementor-widget elementor-widget-image\" data-id=\"e7278e7\" 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<a href=\"https:\/\/news.samsungcnt.com\/en\/wp-content\/uploads\/sites\/3\/2024\/02\/LNG.jpg\" data-elementor-open-lightbox=\"yes\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NDc3NzQsInVybCI6Imh0dHBzOlwvXC9uZXdzLnNhbXN1bmdjbnQuY29tXC91cGxvYWRcLzIuMFwvd3AtY29udGVudFwvdXBsb2Fkc1wvc2l0ZXNcLzNcLzIwMjRcLzAyXC9MTkcuanBnIn0%3D\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"768\" height=\"411\" src=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/LNG.jpg\" class=\"attachment-medium_large size-medium_large wp-image-47774\" alt=\"\" srcset=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/LNG.jpg 1128w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/LNG-500x268.jpg 500w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/LNG-1024x548.jpg 1024w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\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-e021a64 elementor-widget elementor-widget-heading\" data-id=\"e021a64\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Hydrogen<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b0f63f8 elementor-widget elementor-widget-text-editor\" data-id=\"b0f63f8\" 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<p>We have heard and written a lot about hydrogen in recent years. In theory, a source of clean fuel that could transform a number of industries, the cost of hydrogen is still often seen as an obstacle.\u00a0<\/p><p>Even so, there are differing opinions. This year is set to see progress, according to <a href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/energy-transition\/010224-hydrogen-developers-hope-funding-support-will-unlock-financing-queue-in-2024\">S&amp;P Global<\/a>, and developers are reportedly hopeful that support in the form of funding will unlock financing this year.<\/p><p>The difficulty is that among <a href=\"https:\/\/events.reutersevents.com\/renewable-energy\/hydrogen-europe\">more than 1,000 announced hydrogen projects worth US$320 billion<\/a>, only 10 percent have been able to secure financial investment. So, global financial institution <a href=\"https:\/\/think.ing.com\/articles\/hold-back-to-reality-paving-the-way-for-future-growth-in-hydrogen\">ING<\/a> expects hydrogen growth in 2024, but \u201cless than many had hoped for\u201d with green hydrogen struggling to be cost competitive and its prices are particularly prohibitive in Europe.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5745a5b elementor-widget elementor-widget-image\" data-id=\"5745a5b\" 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<a href=\"https:\/\/news.samsungcnt.com\/en\/wp-content\/uploads\/sites\/3\/2024\/02\/hydrogen-1.jpg\" data-elementor-open-lightbox=\"yes\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NDc3NzUsInVybCI6Imh0dHBzOlwvXC9uZXdzLnNhbXN1bmdjbnQuY29tXC91cGxvYWRcLzIuMFwvd3AtY29udGVudFwvdXBsb2Fkc1wvc2l0ZXNcLzNcLzIwMjRcLzAyXC9oeWRyb2dlbi0xLmpwZyJ9\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"432\" src=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/hydrogen-1.jpg\" class=\"attachment-medium_large size-medium_large wp-image-47775\" alt=\"\" srcset=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/hydrogen-1.jpg 1380w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/hydrogen-1-500x281.jpg 500w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/hydrogen-1-1024x576.jpg 1024w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\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-5dc11fa elementor-widget elementor-widget-heading\" data-id=\"5dc11fa\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Renewables<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bf45913 elementor-widget elementor-widget-text-editor\" data-id=\"bf45913\" 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<p>The flip side of the aforementioned transition away from fossil fuels is the rise of renewable energy options such as solar and wind power.<\/p><p>It should not be surprising then that the <a href=\"https:\/\/www.eiu.com\/n\/campaigns\/energy-in-2024\/\">EIU<\/a> expects demand for renewable energy to jump by 11% this year. As well as decarbonization efforts, energy insecurity has driven governments to speed up their plans to deploy renewables.<\/p><p>With solar power now maturing in its evolution, according to research company <a href=\"https:\/\/www.woodmac.com\/news\/opinion\/solar-2024-outlook\/\">Wood Mackenzie<\/a>, it will \u201cshift from high growth to a slower-growing, mature industry in 2024.\u201d The industry saw around 1.5 TW of capacity installed in 2023, while another 3 TW is set to be added in the next decade \u2013 making it a \u201ccornerstone of the global energy transition.\u201d Meanwhile, the global wind energy market is set for a <a href=\"https:\/\/www.woodmac.com\/news\/opinion\/wind-2024-outlook\/\">long-awaited recovery<\/a> this year after the market surpassed 1 TW of installed capacity in 2023.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-719bf02 elementor-widget elementor-widget-image\" data-id=\"719bf02\" 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<a href=\"https:\/\/www.iea.org\/energy-system\/renewables\/solar-pv\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"820\" height=\"595\" src=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/renewable_graph-820x595.png\" class=\"attachment-large size-large wp-image-47776\" alt=\"\" srcset=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/renewable_graph.png 820w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/renewable_graph-500x363.png 500w\" sizes=\"(max-width: 820px) 100vw, 820px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\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-88599a0 elementor-widget elementor-widget-heading\" data-id=\"88599a0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Where does Samsung C&T come in?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04fe3e7 elementor-widget elementor-widget-text-editor\" data-id=\"04fe3e7\" 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<p>This Newsroom previously highlighted the <a href=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2021-12-crude-oil-price-roller-coaster-impact\/\">crude oil price roller coaster and its impact<\/a> as well as <a href=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2019-12-rise-rise-petrochemicals\/\">the rise and rise of petrochemicals<\/a> and their importance to the crude oil industry. Samsung C&amp;T works with various petrochemicals, trading them directly and finding solutions for suppliers and end-users.<\/p><p>The company is also currently accelerating the growth of its <a href=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2023-10-getting-to-know-fertilizer\/\">fertilizer business<\/a>, which dates back to the 1970s, including by expanding target regions and products for sales while strengthening its customer pool.<\/p><p>Regarding clean energy sources, the company continues to make efforts to strengthen partnerships with competent counterparts in the <a href=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2023-04-getting-to-know-hydrogen-part-1\/\">green hydrogen field<\/a>. It is additionally strengthening its eco-friendly business portfolio in the area of <a href=\"https:\/\/news.samsungcnt.com\/en\/features\/corporate-sustainability\/2023-09-getting-to-know-renewable-energy\/\">renewables<\/a>, having developed solar and wind energy projects in North America before broadening its focus to Australia.<\/p><p>Hopefully, we now have a good overview of how numerous commodities and energy sources are expected to fare in 2024. Of course, Samsung C&amp;T traders will be watching for every possible shift in markets within and outside of expectations while playing their part to bolster trade and strengthen supply chains.<\/p>\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>We kicked off our 2024 key commodity outlook by assessing this year\u2019s expectations for steel, copper, rechargeable battery materials, and precious metals. In doing so, we presented a mixed picture of opportunities and challenges, as global economic uncertainty weighs on many commodities. Continuing with the second part of our outlook, we will now look at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":47770,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-47769","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 2 - 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\/2024-02-2024-key-commodity-market-outlook-part-2\/\" \/>\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 2 - Samsung C&amp;T Newsroom\" \/>\n<meta property=\"og:description\" content=\"We kicked off our 2024 key commodity outlook by assessing this year\u2019s expectations for steel, copper, rechargeable battery materials, and precious metals. 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Continuing with the second part of our outlook, we will now look at [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2024-02-2024-key-commodity-market-outlook-part-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Samsung C&amp;T Newsroom\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-15T08:11:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-07T05:35:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news.samsungcnt.com\/en\/wp-content\/uploads\/sites\/3\/2024\/02\/banner.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2133\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Samsung C&amp;T Global PR Manager\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Samsung C&amp;T Global PR Manager\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2024-02-2024-key-commodity-market-outlook-part-2\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2024-02-2024-key-commodity-market-outlook-part-2\/\"},\"author\":{\"name\":\"Samsung C&amp;T Global PR Manager\",\"@id\":\"https:\/\/news.samsungcnt.com\/en\/#\/schema\/person\/7c21bf3897113ac1b49ed07b1d871d08\"},\"headline\":\"2024 key commodity market outlook: Part 2\",\"datePublished\":\"2024-02-15T08:11:09+00:00\",\"dateModified\":\"2024-03-07T05:35:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2024-02-2024-key-commodity-market-outlook-part-2\/\"},\"wordCount\":962,\"publisher\":{\"@id\":\"https:\/\/news.samsungcnt.com\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2024-02-2024-key-commodity-market-outlook-part-2\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2024\/02\/banner.jpg\",\"articleSection\":[\"Trading &amp; Investment\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2024-02-2024-key-commodity-market-outlook-part-2\/\",\"url\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2024-02-2024-key-commodity-market-outlook-part-2\/\",\"name\":\"2024 key commodity market outlook: Part 2 - 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