 World bank projects sharp drop in metal prices average to 8% in 2023

The World Bank's recent Commodity Markets Outlook predicts that metal prices will decrease by 8 percent in 2023 and another 3 percent in 2024.

The bank claims that all metal prices increased for the quarter, especially those for tin & iron ore. The bank stated that

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Aluminium prices are predicted to decrease by 11 percent in 2023. As a result of an output recovery as short-term obstacles are removed.

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Prices for copper are predicted to decline by 4 percent in 2023 from 2022 and by a further 6 percent in 2024 as supplies conditions increase.

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The energy shift, however, "could considerably lift demand for some metals. Particularly copper, lithium, & nickel, in the longer term,"

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