Consider the producers of such industrial commodities as copper.

But their increases are much more modest than the jump in crude oil, which is also an industrial commodity.

Beer was an important industrial, and not just social, commodity.

It is an important industrial commodity as a precursor to many materials and useful compounds.

Nonetheless, the increase in prices of industrial commodities has been dramatic.

"But it hasn't really happened, even though in recent weeks the weakness has spread from agricultural to industrial commodities."

There were some price increases in industrial commodities, but they tended to be restricted to a few markets, the report said.

Still, inventories of industrial commodities are so low that any increase in demand will benefit these companies, the analysts said.

"China remains key over the next year to sustaining demand" globally for industrial commodities.

While the rallies in industrial commodities and gold are expected to continue this year, they may not be so strong.