The industrial metals super-cycle has accelerated, not slowed down

Within 'Focus' we comment on extraordinary market events and analyse capital market related special topics. In this issue, we look at the recent performance of industrial metals and put it in the context of the super-cycle of decarbonisation that we have been expecting.

In April of last year, we argued that demand for industrial metals would be structurally boosted by the fight against climate change. Supply, on the other hand, would not be prepared for this. All in all, we judged that we would be at the beginning of a new super-cycle. Until April of this year, everything went "according to plan" and industrial metals gained about 50% in US-dollar terms. Since then, they have gone into reverse. Has the super-cycle vanished into thin air? Quite the opposite, we argue, and we see good opportunities to enter it now.

Ludwig Kemper

Ludwig Kemper has been working as an analyst in the Multi Asset Strategy & Research team since October 2019. His responsibilities include the generation of investment ideas and the preparation of analyses to support investment decisions. He is also involved in capital market publications, focusing on the commodities sector. Previously, Ludwig completed a dual study program at Berenberg in cooperation with the Hamburg School of Business Administration. During his practical phases he worked in investment banking, equity research and discretionary and quantitative asset management. He received his Bachelor's degree in Business Administration as valedictorian of his class.

Multi Asset Strategy & Research