2min chapter

Goldman Sachs Exchanges cover image

As China reopens, what’s ahead for commodities in 2023?

Goldman Sachs Exchanges

CHAPTER

The Green Metals, Copper, Aluminum, Nickel, Silver, and Cobalt Are the Big Six

The amount of copper required to decarbonize the world going forward is larger than all the copper already produced. The investment here is significant that needs to occur on upstream copper. We saw good green capbacks in China in 2022, but 2023 is going to be where we see the very large green capbacks occur. Oil will probably give you far better returns like it did last year at certain points in time. But it's going to be a painful ride.

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