Supply, more so than demand, has been the market driver, with prices on the futures market touching $3.40 a pound
“Looking out towards the end of 2010, it is going to be very tough to see sustainable trade in copper above $3.50 [a pound],” says Klopfenstein.
Though there has been a lot volatility lately, the price of gold may move higher through the end of the year because it is viewed as an inflation hedge and a safe bet during uncertain times.
Klopfenstein says gold could approach $1225 to $1250 an ounce by the end of the year, but that's still below its April high of $1266.
Though silver may follow gold from time to time, analysts say it's likely to be stuck in a trading range.
Energy: Gas Above Crude
Crude will likely be stuck in a broad-based trading range through the end of 2010. Record-high inventory levels and a weak economy will put downward pressure on prices.
Of course, there's always geopolitics to undermine even the best forecast. "We may see rising anxiety about Iran and the market may start to be more concerned about the risk of military confrontation or a disruption in Iranian exports," says Antoine Halff, Head of Commodities Research, at Newedge LLC.