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Cautiously optimistic

A gradual rebound in global economic growth and, in many cases, constrained supply mean that we are broadly positive on the outlook for most commodity prices in 2020-21. One exception is the price of gold, which we expect to fall on the back of lower safe-haven demand. The main risks to our forecasts are lower global growth (maybe as the result of coronavirus) and an escalation in geopolitical or trade tensions.

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