Economists at Société Générale think that China’s reopening will be bullish for commodities. 

Brent to average $100/bbl in 2023

“China reopening quickly and with greater probability for upside is very supportive for commodities generally.”

“For Oil, we see an average price of $100/bbl in 2023 with the potential to reach $110/bbl with more upside to Chinese growth.”

“China should import more LNG which would put some pressure on gas prices and positive sentiment on the Copper markets will be significant. While a wall of supply keeps a lid on the Copper price acceleration in our base case, better growth in China would send Copper above $10,000/t.”