Miners have watched iron ore sink precipitously this year to a five-year low. That has been repeated for oil and coal, as expectations of global demand have weakened.

Yet despite slower growth in China, the world’s largest consumer of commodities, analysts say demand remains robust for some industrial metals, which are set to benefit from any long-term shift towards more private investment and consumption.

The benchmark Standard & Poor’s GSCI Commodity Index has fallen 23 per cent from a peak in June, making the past five months the weakest period for commodity prices since the onset of the financial crisis, according to Barclays Capital. However, the industrial metals in the index – which is used to reflect overall commodities markets – are up 0.68 per cent.