Despite a revival in commodities since January, our panellists retain a cautious view with regards to near-term price trends. Much of this reflects the drawn-out, and simultaneous, saga of excess supply and demand uncertainty. True, the risk of a ‘hard landing’ in China is no longer as high as it was a few months ago, while speculation regarding the renminbi has subsided. A retreat in the US dollar in March and April has also lowered the price of energy and metals in local currency terms, which may support future sales. However, all indications suggest that their recovery, which has started to slow, will be difficult to sustain.