You are right to point out that investors and traders need to keep an eye on the other members of the comodity universe.

The trends in commodity markets are likely to continue upward for the forseeable future because so many food inventories are at 60 year lows.

Just look at the urgency shown by the multilateral institutions with recently convened summits of the United Nations Food and Agriculture Organisation in Rome and then the G8 summit in Japan.

Robert Zoellick, Head of the World Bank, has urged prducer nations, notably the US, to reform their biofuels policy , given the massive impact biofuel production is having on grain prices, particularly corn.

An internal World Bank report suggested that this policy was responsible for up to 75% of the increase in food prices.

And then in the industrial metals, the Anglo-Australian miner Rio Tinto has said that it sees very strong markets going forward for its main three products, namely aluminum, iron ore and copper.

This view is based mainly on the rapid projected growth in urbanisation in the emerging economies, notably China and India. It sees growth rates in urbanisation in these countries hgher than overall GDP growth.

And now with fears caused by Freddie Mac and Fannie Mae and the rapidly falling dollar, with a real prospect of stagflation, precious metals, notably gold, are likely to move forward strongly.