China’s five-year plan is too barebones to move prices

Commodity prices have largely shrugged off the conclusion of China’s Fifth Plenum and discussion of the 14^th Five-Year Plan (FYP). This is not so surprising as the main takeaway from the event is that we will have to wait until March for any detail. But for what it’s worth, the greater focus on self-sufficiency suggests that the government will encourage domestic commodity output in order to reduce reliance on imported raw materials, both of which could be negative for prices in the medium term.