Commodity prices started the year well but have eased as strong US economic data stokes fears of further interest rate rises.
"Geopolitical risk premia have eroded for most commodities following the great vol spike of 2022," Citi said last week.
"Investor concerns have shifted to an increasingly hawkish monetary policy outlook across G10 economies.
"While inflation is still running too hot, services and shelter—not commodities—may now be leading the charge higher.
"Aggregate demand should soften and commodities prices should weaken if Fed tightening prompts a recession in the next 2-4 quarters."
Citi sees increased price volatility in the first half of this month.
Given the influx of Australians into Canada to search for lithium and rare earths, next week's first full PDAC Convention since the start of the pandemic should feature more than a couple of Aussie accents.
Chalice Mining will be there with general manager, discovery and growth Dr Kevin Frost and geologist Morgan Frejabise to receive the prestigious Thayer Lindsley Award for the discovery of the Julimar nickel-copper-platinum group element deposit, north of Perth.
Chalice is set to report an updated resource for the already large Julimar deposit late in the month.
Julimar already hosts a resource of 350 million tonnes at 0.58% nickel equivalent or 1.8 grams per tonne palladium equivalent.
A maiden reserve estimate is due for Capricorn Metals' next gold mine, Mt Gibson in Western Australia.
Magnetite Mines will release the results of the optimisation study for its Razorback Ridge iron ore project in South Australia by the end of the month.
Aeon Metals will report an updated resource for the redefined Amy zone at its Walford Creek copper-cobalt project in Queensland.
American Rare Earths says it is on track to define a "significant" resource for its Halleck Creek project in Wyoming.
Castle Minerals will report an initial graphite resource for its Kambale project in Ghana.
Also in African graphite, Peak Rare Earths expects to sign a framework agreement with the government of Tanzania for its world-class Ngualla project.
Allkem's Olaroz stage two expansion in Argentina is due for first production this month.
Former gold producer Gascoyne Resources, which has been suspended from trading since November, is expected to resume trading this week after completing a recapitalisation.
It could be a nervous wait for shareholders of several other companies.
Gold miner Ten Sixty Four is currently suspended pending an operational update from its Co-O operation in the Philippines.
Copper developer Cyprium Metals is suspended while it seeks alternative financing for the restart of its Nifty mine.
And finally, contractor Metarock Group is in suspension pending a "material cash injection" to resolve its current financial difficulties.
