In transition

FOLLOWING a turbulent year and heavy losses in 2014, commodities were given a breather at the beginning of this year. Despite apparent signs of stabilisation, we consider the likelihood of a swift comeback of commodity markets as slim as physical markets continue to grapple with excess supplies. Instead, we see 2015 as a transitional year during which new projects are being shelved, while lower prices should provide a lift to the economy and subsequently, demand.