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 has been working as a strategist since 2019 and as a portfolio manager since 2021 at Berenberg’s Multi Asset unit. His responsibilities include the generation of investment ideas and the preparation of analyses to support investment decisions. Ludwig focuses on the commodities sector and derivatives markets. Previously, he completed a dual study programme at Berenberg in cooperation with the Hamburg School of Business Administration. In his rotations, he worked in investment banking, equity research and asset management. He received his Bachelor's degree as valedictorian of his class. Ludwig is a CFA charterholder.