Commodity Outlook: Modest upside for commodity prices in 2020

In this publication: 2019 was a good year for the CRB because of higher energy and gold prices. This is despite weaker global growth and global trade. For 2020 we expect only modest upside in the CRB index because of: a stabilisation or slight improvement in the outlook for the global economy, no serious risk-off periods, a somewhat weaker dollar, and accommodative monetary policy by the Fed and ECB. Still, supply concerns could cause temporary spikes in oil, palladium, nickel, grains and softs prices.