The (largely positive) views set out in our first quarterly of 2015 have mostly been proved right. We continue to believe that this will be a year of recovery for commodity prices as a whole. Admittedly, some powerful headwinds remain, including the risks of renewed strength in the US dollar, a further economic slowdown in China, and an escalation of the crisis in Greece. The supply of key commodities, notably oil and many agriculturals, is also still likely to be ample. But in general we see more positives than negatives, especially for industrial and precious metals, although the outlook for key agriculturals remains poor.
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