Commodity Roadmap

• Our global oil supply and demand model implies significant inventory draws in Q3-2024 and beyond

• Gold tests USD 2,300/oz as speculative buying slows and China pauses official-sector additions

• Base metals prices pull back further as May’s rally fizzles out; nearby contangoes widen

• Speculative net selling of Brent reached record levels in the wake of the 2 June OPEC+ meetings

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