Commodity prices started 2018 on a high, bolstered by optimism about global growth prospects and the ongoing depreciation of the US dollar. However, we think there are now clear signs that growth in China’s economy is slowing and we expect the US dollar to stabilise in the coming months. As such, we think that the prices of most energy commodities and metals will end the year lower. We are somewhat more positive on the outlook for agricultural commodities as low prevailing prices should give a lift to demand.
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