Derivatives and exchange-traded instruments linked to commodity indices and individual products became widely available. Then following the global financial crisis, commodities were seen as diversifiers and relative safe havens.
The exodus of these investors in response to decreasing prices has exacerbated the recent falls.
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Without wishing to detract from the seminal part China has played in the recent history of commodity markets, it is unlikely to be as important in future.
Monetary policy, investor behaviour, or a wider emerging market crisis could all play a part.
Frances Hudson is a global thematic strategist at Standard Life Investments
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