The outcome of the Chinese policy meeting was somewhat disappointing for most commodities markets. The implications for metal markets of the economic reform programme were shrouded in mystery and more details will be released going forward. Over the last two weeks, commodity markets drifted and found little direction. Oil prices moved lower on the agreement with Iran, but this was only temporarily. Over the last two weeks, Brent oil has gained 5.5%, most precious metals prices decreased and cocoa gained 6.5%.