The US government shutdown has hit commodity prices reflecting worries about the fall-out for demand. Besides that, we focus on the transition of China’s growth model which affects demand for base metals. China is the most important country for industrial metals demand and currently, the signals are mixed. Natural gas prices are set to rise during the coming months based on a rise in demand and below average inventories. On the other hand, oil prices could face more pressure as risk premium declines and the Fed’s tapering weigh.