The December 2021 edition of our Commodity Market Outlook report offers two-year price forecasts for all the key sectors (oil, industrial metals, gold) we cover on a regular basis. As usual, we also provide an update on our latest views on broad commodity markets.

Commodity prices weakened over the past month, as the Omicron shock raised fears of a slowdown in global activity. Importantly, the shock has helped realign oil prices to their ‘fair’ value. Given a high probability that the world economy shifts to an ‘overheating regime, this actually improves the upside of broad commodity investments:

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