2021 Commodities Outlook

What is the outlook for commodities as the world gears up for economic recovery? Can oil continue its recent rally or will bumps in the road mean that gold has another strong year?

James Gard 21 January, 2021 | 10:19AM
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Drilling for oil

Oil and gold prices went in opposite directions in 2020: crude plummeted as energy demand crashed during the coronavirus crisis, while gold had a stellar year as investors flocked to the safe-haven asset, pushing prices above $2,000.

Positive vaccine developments mean the world economy should be in better shape this year, and hard commodities like iron ore and oil have rallied recently. It suggests investor are pricing in a strong recovery in global output in energy-intensive areas like travel and manufacturing. Forecasts are harder than ever to make after last year, but we’ve asked a number of experts to look at scenarios for commodities this year.

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James Gard  is content editor for Morningstar.co.uk

 

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