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Commodity prices to take a breather in the near term

A rise in new coronavirus infections in many parts of the world, including Europe and India, weighed on investor sentiment in commodity markets in March. However, all the signs point to a rapid recovery in US activity and, as vaccines are rolled out, economies elsewhere should start to open up later this year. Accordingly, we expect the prices of oil and soft agriculturals, used in the travel and leisure sectors, to pick up in the second half of 2021.

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