We are turning more positive towards the commodities complex and have made significant upward revisions to a large number of our commodities price forecasts for 2018 over the past several weeks, including for oil and metals. Global fundamentals remain relatively supportive for prices, amid a pickup in global economic growth this year and a gradual rise in global price inflation. We remain above consensus on oil and grains and have turned more positive than consensus on some non-ferrous metals. We maintain the view that weakening Chinese metal demand this year will weigh on ferrous metals.

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