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However, Mr. Kloppers said commodity price movements had made the offer more attractive recently.
"We've seen significant devaluation of the pound but equally we've got commodity price movements the other way," he said.
Partnerships that produce oil or gas are most sensitive to commodity price movements, and some of them fell substantially when oil and gas prices collapsed in 2008.
The authors show that commodity price movements are a main driver to employment changes in manufacturing resulting from exchange rate movements.
The S&P GSCI Total Return Index in USD is widely recognized as the leading measure of general commodity price movements and inflation in the world economy.
"In 2018 the market benefited from strong growth in mining sector dividends; 2019 is unlikely to see the same helpful boost to payments from this area given more recent commodity price movements.
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Unlike mining companies, which respond to the performance of metal prices, there aren't many stocks offering the same exposure to soft commodities' price movements.
Scale and an uncanny ability to predict commodity-price movements has allowed Glencore to make decent returns in a business where margins are wafer-thin.
As for fossil fuels, a global price on carbon would create the right market incentives to limit emissions.Indeed, the most damaging commodity-price movements may well be short-run booms and busts, which come and go more rapidly than supercycles but can generate far bigger moves in prices.
David Jacks, an economist at Simon Fraser University in British Columbia who studies long-run commodity-price movements, reckons that prices may have already begun a sustained period of below-trend price growth.Internationally, lower growth could focus leaders on increased co-operation and a new push for liberalisation.
We base our valuation estimates, when possible, on known commodity and share price movements.
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