Commodity Market Outlook 2024
The ongoing slowdown of the global economy continues to put a downward pressure on commodity markets.
Global inflation has started to moderate. However, price pressures remain at historically high levels.
The combination of high prices and rising borrowing costs constrain consumers and businesses.
Subdued consumer spending on goods and services, sluggish manufacturing activity, and weaker B2B demand/capital investment growth are all set to reduce demand for energy and metal commodities, and cap price growth this year.
Readjusting your focus
In recent years your focus may have been on securing the supply of hard-to-get products at a reasonable price. However, there is now a need to take a broader look at the costs in the business. The economic climate is tightening and price increases have become less of a viable tool to increase profits. Business leaders must shift their focus to maintaining or improving margins through cost reduction.
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"Whereas in recent years your focus may have been on securing the supply of hard-to-get products at a reasonable price, there is now a need to take a broader look at the costs in the business. As the economic climate tightens and price increases become less of a viable tool to increase profits, business leaders will shift their focus to maintaining or improving margins through cost reduction."