As we approach the year 2024, concerns about a potential economic slowdown and the ongoing energy transition are picking up. CNBC-TV18 spoke to key experts in the field to gather insights on the outlook for non-agricultural commodities in the upcoming year.
Kunal Shah, head of commodities research at Nirmal Bang, Anuj Gupta, head of commodity and currency at HDFC Securities; and Ajay Kedia, director of Kedia Commodities, shared their perspectives on what lies ahead.
Talking about copper, Shah anticipates double-digit growth in India's copper demand. His recommendation is to accumulate base metals, especially copper, with an expected 8–10% upside from here going into 2024.
"Over the next two to three years, we are going to see double-digit growth when it comes to copper in particular. So accumulate base metals, especially copper, and we are going to see at least 8% to 9% or 10% upside from here going into 2024.”
Gupta also sees a positive trend in the copper market. He cites encouraging signals from China and central banks, expressing optimism that copper could touch $9,000 internationally.
Kedia believes higher base metal prices may not be sustainable, he predicts copper will reach $9,000-$9100 in the first half of the year.
Kedia foresees a potential pushback in copper in the second half but remains bullish on copper, zinc, and aluminium in the initial months of 2024.
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