A shaky start to 2014

Commodities prices started 2014 on a subdued note as high stocks in the US depressed crude oil while poor manufacturing PMI data from China raised concerns about wider commodity demand. Prices regained some lost ground towards the end of the month, led by a weather-related surge in US natural gas prices. Viewed more positively, prices were relatively resilient in the wake of general equity market weakness and the sell-off in emerging market assets.

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