Chinese data released on Monday revealed a contraction of manufacturing and construction activity, sending the iron ore price to a two-and-a-half-year low.
UBS noted that near-term sentiment was bearish.
"The key question for metals markets is when will the near-term headwinds be priced and the market shift to attractive long-term fundamentals?
"Whilst fundamentals for some metals have deteriorated (aluminium/steel), demand is likely to weaken further near-term and supply for most metals should lift in 2023."
On the bull side, UBS said commodities like copper were driven by themes of supply challenges and energy transition demand, though the structural deficit thesis had not played out.
"However, it is clear that developments in 2022 have strengthened both sides of the argument for the next 'supercycle'," the bank said.
As the dust settles from quarterly reporting season, the focus now turns to annual general meetings.
BHP's returns to Perth next week for the first time in several years, while other big ones include Newcrest Mining, Mineral Resources and Fortescue Metals Group.
The juniors will still be busy too with Noosa Mining and the RIU Resurgence conferences, happening as well as the Resources Rising Stars Summer Series.
Akora Resources is due to report results of a scoping study for its Bekisopa iron ore project in Madagascar early in the month.
Former OZ Minerals executive Gabrielle Iwanow is due to begin this month as managing director and CEO of nickel producer Mincor Resources.
Tombola Gold expects to achieve first gold production this month from its Mt Freda mine in Queensland after ore haulage to the Great Australian mine started last month.
Belararox has gone into a trading halt this morning over a maiden resource for its Belara project
Cazaly Resources is due to report an initial resource for its Bommie copper porphyry prospect at Halls Creek in WA.
Medallion Metals is due to report a resource update for its Kundip mining centre this month.
QMines is set to report the third resource upgrade for its Mt Chalmers copper project in Queensland.
Towards the end of the month, Essential Metals will report an updated resource for its Dome North lithium project, which will underpin the scoping study for the Pioneer Dome project.
The new listings have slowed right down but copper explorer Taiton Resources, base metals explorer Tiger Tasman Minerals, Desoto Resources, from the team behind Predictive Discovery, Mali-focused Toubani Resources, FMG-backed Lightning Minerals, uranium explorer Orpheus Minerals and developer Richmond Vanadium are due to debut this month.
