While oil prices rebounded in January 2019 around the world, outside of crude, commodities continued to struggle. According to the World Bank's Pink Sheet, base metal prices fell another 1.8% on average from December. On an annual basis, these commodities as a group are about 16% below where they were in January 2018.
The last time they had fallen by that much was May 2016.
Commodities are one key intersection between money and real economy. Both are forward looking. Physical as well as monetary imbalances play off each other, performing checks on assumptions; are virtual