After falling in 2001, the Economist Intelligence Unit's hard commodity price index, industrial raw materials (IRM), will rebound sharply in 2002-03, reflecting the generally improved economic outlook. Matt Parry, commodities editor at the Economist Intelligence Unit, believes 'fibres and natural rubber will be the chief beneficiaries of 2002's turnaround, although base metals, particularly copper, lead and nickel, will also return to growth.' Crude oil prices, although not part of the IRM index, will buck this trend - they are forecast to stabilise during 2002, but the annual average will be down nearly 20% on 2001 as they fell so sharply in mid-2001.
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