Commodities: Key Themes For 2014


We expect another disappointing year for commodity prices in 2014. In line with our forecasts, prices broadly undershot market consensus in 2013. The year ahead should see price consolidation, with upside limited by healthy supply, only moderate demand growth and a stronger US dollar. There is still potential for volatility in certain markets, particularly where significant government policy has the potential to radically impact supply or demand. Below we highlight our key commodity price themes for 2014:

  • Soft commodities to outperform

  • Iron ore and copper to underperform

  • Softs To Outperform
    Select Commodities - BMI 2014 Average Price Forecast vs Spot Price, % Difference

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Sector: Commodities