With growth risks clearly tilted to the downside, and a global economy now growing persistently below trend in H1 2019, Central Banks in the Eurozone and the US are back on an easing path. While we see this path, together with domestic stimulus by China to protect its economy against the deterioration in the international trade environment, as broadly positive for commodities as an asset class, the benefits of such a shift in monetary conditions will not fall evenly, in our view. With the US bond market signalling the likelihood of a series of rate cuts to offset decelerating US growth and a weakened international trade environment, we maintain our previous strategy of selected precious metal and bulk commodity exposure, with a higher bias towards gold in the mix than previously. Base metals. Despite apparent progress at the Tokyo G20 Summit, the near-term outlook for base metals remains largely captive to the continued uncertainty regarding the outcome of resumed China-US trade talks, Copper remains our preferred non-ferrous metal in the medium to long term. Precious metals. The shift in the Federal Reserve’s positioning to an easing bias has made us more positive towards gold. Additionally, we continue to favour rhodium and palladium amongst the Platinum Group metals, as supply concerns still outweigh the threats of slowing auto demand. Bulk materials. We expect all types of iron ore to perform strongly well beyond this year, even if prices ease back from current highs. Chinese stimulus has added a demand component to supply driven market tightness, which should also be supportive for premium hard coking coal. Thermal coal, on the other hand, has been hard hit by low gas prices in Europe and Asia, adding a negative cyclical demand component to a commodity increasingly challenged by decarbonisation. We have not made any changes to our recommendations with most companies remaining in Buy territory, offering good value with forecast total returns bolstered by attractive dividend yields. As we have done all year, we continue to encourage a bias towards companies exposed to premium steel-making bulk materials. Rio Tinto, BHP and Anglo American stand out amongst the majors, the latter benefiting also from our positive outlook on palladium and rhodium. Gold stands to befit from Central Bank easing and in this regard Centamin is our preferred gold miner. We retain a positive outlook on copper but this is longer dated, suggesting muted upside for companies such as Glencore and Antofagasta in the near term.