 Good day, fellow investors. Now commodities should be an essential part of every portfolio going into 2018. The International Monetary Fund has increased global growth GDP projections for 2018, which means we could see higher demand for commodities and inflation, which is again something good for commodities and the commodities part of a portfolio should do very well. Let's see the global commodities environment, what's going on, what can happen, what are the risks and reward and in what commodity you should invest or be overweight with your commodities part of the portfolio. As said, these are the projections for growth, global growth, average around 3.7%, emerging market and development economies above 5% growth, advanced economies around 2% growth. Very, very good. The higher growth in emerging markets will come also from commodity exporters and the projections for the next five years are that commodity exporters will have a bigger chunk of global GDP growth. This means that investing in such countries, emerging markets and commodity producers should be good according to the IMF in the next five years. So, rosy projections, always be careful but let's see at the different sectors and different commodities what can happen. If we look at what Glanker says about the commodity sector, copper there has been no wall of supply, there is an expected deficit, cobalt is enjoying electric vehicle demand, zinc has supply cost rates, lead is underpinned by again supply challenges, nickel is crucial to electric vehicles and still lowly priced, thermal coal, powering Asian growth and urbanization. So, if we look at of course from a positive perspective that Glanker has, everything looks good for commodities. And if global growth continues for the next five years, unstopped without shocks like it has been the case for the last few years, then we could really really see great returns on investment from commodities. Glanker is of course a diversified play. However, just two years ago, the end of 2015, Glanker was almost going bankrupt because when the environment for commodities changes, all hell breaks loose. And that's the risk you have to always keep in mind when investing in commodities. Tight margins, when things are good, margins increase exponentially, when things are bad, margins become negative very quickly. And therefore, you have to allocate only so much of a portfolio that can weather that volatility. And that's something very important to keep in mind over the long term. Let's see what happened to copper 30% increase in 2017, which is very good. I think copper can go much higher if there is higher demand. We can see above far above 5%, especially if economic growth continues and this deficit in copper widens as it is expected in the next few years. There is simply not that much copper anymore. Zinc prices are also at multi-year highs, which make investing in the sector riskier than it was in the past. Nevertheless, demand is strong and there are really supply issues. Iron ore prices have had a terrible time in the last five years, but have been showing strength in the last two years. And this shows what can happen to commodities, also on the upside, as we have seen in 2012-13 with extremely high iron prices, but also on the downside. And that's terrible for the stock. A metal that still shows subdued prices is nickel. The low prices are due to extremely high inventory levels around the world. However, those levels are declining and demand is increasing. And there is more demand than the amount produced. We can expect a similar situation to happen with nickel as it has been the case with copper and zinc. Therefore, also, nickel is my favorite metal to be invested in, going into the next few years. The positive outlook for nickel comes from expected increased demand for batteries that will also increase demand for copper and cobalt, of course, lithium and other metals. We can see here how much Glencore estimates to see higher demand from the electrical trend. It's something I really want to be exposed with my portfolio. There is always the risk, but you have to know how to manage that risk. So commodities look good for 2018, not as good as they have looked in 2016 and 2017 because the price is up 50% for zinc, 30% for copper. The higher the price, the higher the risk. That's a given. Nevertheless, there is still much upside. If you have your winners, let them run because there is still strong demand. Everything looks good. Always manage your risks, see how commodity miners fit your portfolio. Of course, I've discussed metals, I've discussed food fertilizers and whatever fits the environment and an all weather portfolio in the future. Thank you for watching, looking forward to your comments and I'll see you in the next video.