What will be the situation in 2023 for Global Copper and Brass Market ?

In March 2023, the wave of risks in the banking and financial markets continued to hit the United States, and US national bonds, long regarded by many Western economists as the "anchor of global asset pricing", suffered a global sell-off.

At the end of 2022, the balance of official foreign holdings of US Treasury bonds was US$3,666 billion, a decrease of US$457.7 billion from the end of the previous year.
The selling of U.S. bonds may just be the beginning, and more and more trends and signals are pointing to countries and economies around the world, and a consensus has been formed to make comprehensive preparations for a new round of global economic crisis that may break out at any time.
Since March 2023, the regional banking crisis in the United States has spread across the Atlantic to Europe, and the crisis in Credit Suisse Group AG (NYSE:CS)was triggered by its largest shareholder, the National Bank of Saudi Arabia.
China also dumped another $7.7 billion of U.S. Treasuries in January, accelerating its holdings of U.S. Treasuries to a 13-year low of $859.4 billion, and for the sixth consecutive month that it reduced its holdings of U.S. Treasuries, compared with nearly 17% of its U.S. Treasury holdings in January.
This is in stark contrast to China's push of gold imports and purchases to a five-year high in 2022.

The logic is very simple:
Affected by the Fed's continuous interest rate hikes, the yield of US Treasury bonds has risen rapidly, resulting in a sharp decline in US bond prices, and investment in US Treasury bonds will have a large book loss, which is also the main reason for the recent collapse of Silicon Valley Bank and other institutions.
The choice made by the Fed and the US government in order to deal with the risks of domestic financial institutions, that is, the practice of domestic easing in the tightening cycle, may further strengthen the determination and action of the global sell-off of US national bonds.
Saudi Arabia sold U.S. Treasuries at its fastest pace in January — selling a total of $8.7 billion in U.S. Treasuries that month, the largest seller outside Europe, and its holdings fell to their lowest level in more than six years, the data showed.
If central banks just sell U.S. national bonds in exchange for dollars, it is not a big problem, but after global central banks accelerate the sale of U.S. national bonds in 2023, the trend of accelerating the replacement of gold continues.
As of 6 pm on March 20.,2023, the international spot gold price touched an intraday high of $2010.9 / oz, the highest level in nearly a year, only 3% away from the all-time high. In August 2020, the price of gold reached an all-time high of $2,074.71 per ounce.

What will be the situation in 2023? 

On the one hand, the Fed raises interest rates while quantitative easing;
On the other hand, the current reality of Sino-US relations, China cannot and has no reason to bear the price for the mistakes of the United States;
All that remains, then, is to let Eurobonds thunderstorm again, and the drama of infighting play out again.
Even if Europe bears the losses, it cannot let the Western grow, it is just involving. It is still a palliative but not a cure, and at most it will only prolong the time for the United States to survive.
From China's point of view, in fact, the country's choices and actions are already fully prepared in advance for the outbreak of the US crisis.

Back to the metal market, what is the trend of copper and brass prices, and whether it is consistent with the trend of precious metal gold, we wait and see.
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