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Commodities took a kicking in 2018 - with deep losses in everything from oil and copper to coffee and sugar - so what's in store for the 12 months to come? Here is a selective run-through of prospects and pitfalls for some of the top raw materials, and it's a reasonably positive picture that emerges. Oil's well The standout feature in commodity markets in the last quarter was crude's swoon from a four-year high into a bear market. The drivers of the reversal were record US shale output, a clutch of sanctions waivers on Iranian flows and a supply cut from Opec deemed by some to be too little. Concern about a deteriorating global economic outlook gave bears further ammunition. After that drama, prices may recover, with supply risks under-appreciated. In 2019, watch for more losses in crisis-hit Venezuela as supply risks tumbling below one million barrels a day. On top of that, US waivers on Iranian cargoes are temporary, and not all may be renewed in May. And don't underestimate Saudi...

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