The year 2023 was expected to be a great year for the commodities sector, with high hopes for its continued success. However, things did not go as planned. The winter in Europe turned out to be unusually warm, which caused a surplus in the gas market. There was an emerging impact of the conflict in the Middle East with the recent attack in the Red Sea, making global trade more difficult amidst geographic tension. The anticipated economic revival in China has faced hurdles, particularly in the real estate market, which has shown signs of weakness. Moreover, the tightening policies of central banks and the appreciation of the US dollar have presented significant challenges to the performance of commodities.
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