The chart below shows Macquarie Research’s take on various commodity cycles. It shows where commodities are in the cycle and where Macquarie expects them to be in two years’ time. For example, lithium is at or about its peak price and will fall over the next two years.

Gold and silver are (perhaps) about to undergo price growth, but there may not be much movement over the next two years. The price of zinc is expected to keep going up, peaking in two years.

Overall, Macquarie considers that there is somewhat more downward the upward pressure on prices.