In the first month of 2024, Europe experienced a warmer-than-anticipated winter, leading to an oversupply of gas. Simultaneously, tensions in the Middle East escalated due to the recent strike in the Red Sea, causing complications in international trade. China's expected economic recovery also faced challenges, particularly in the struggling real estate sector. Furthermore, stricter regulations imposed by central banks and the appreciating value of the US dollar posed significant obstacles to the success of the commodities sector.
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