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Commodity prices starting 2021 on a high

Commodity prices rose in December in spite of a tightening of COVID-19 restrictions in a number of developed economies, which will weigh on commodities demand at the start of this year. Markets seem to be focusing on a brightening demand outlook further ahead, given the start of vaccination programmes. While we think that oil prices will continue to recover lost ground this year, we expect most other commodity prices to fare poorly.

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