Commodities seen picking up from next year

COMMODITY prices, especially those of metals and energy, will reach a trough this year and pick up from next year onwards, according to forecasts by Australian bank Westpac.

While metal prices have fallen in recent years, this is an adjustment to the new supply that has come about as a result of earlier higher prices, and is therefore temporary, said its senior economist, Justin Smirk.

"Global growth is still there. We see 2013 as the worst year for global growth. 2014, 2015 and 2016 will get better," he said.