John Baffes, Senior Economist and lead author of the Commodity Markets Outlook noted: “Prices for most commodities appear to have bottomed out last year and are on track to climb in 2017. However, changes in policies could alter this path."

Agriculture prices as a whole are expected to rise by less than one percent in 2017. Small increases are anticipated for oils and oilseeds and raw materials, but grains prices were forecast to drop almost three percent on an improved supply outlook.

“Precious metals prices are seen declining seven percent as benchmark interest rates rise and safe-haven buying slows,” the statement said

A Special Focus of the outlook showed how commodity-exporting emerging and developing economies have been hit hard by slowing investment growth, which has declined from 7.1 percent in 2010 to 1.6 percent in 2015.

Ayhan Kose, Director of the World Bank's Development Prospects Group said investment weakness - both public and private - hindered a range of activity in the commodity-exporting emerging market and developing economies.

"Most of these economies have limited policy space to counteract the slowdown in investment growth, so they need to employ measures to enhance the business environment, promote economic diversification, and improve governance to better growth prospects over the longer term,” noted Kose.

The World Bank's Commodity Markets Outlook is published quarterly, in January, April, July and October and provides detailed market analysis for major commodity groups, including energy, metals, agriculture, precious metals and fertilisers. 

This edition extends price forecasts to 2030 for 46 commodities and provides historical price data.