Technology, demography, policies and institutions are some of the forces that affect commodities such as energy resources, metals, and food. This book, based on research in the Commodities Unit of the IMF’s Research Department, explores the interplay of these various forces across different commodities markets. Readers will find rich and coherent analysis of the forces driving commodity markets over the medium run and their interaction with the global economy. This collection of IMF research takes a fresh look at the many issues affecting commodity markets by drawing lessons from recent historical developments including the collapse in oil prices and the Paris climate accord. Chapters discuss how technological innovation shapes commodity prices and, in particular, how the innovation cycle is intimately linked to oil prices. The authors use the natural gas markets to show how geography, geopolitics and energy policy can influence trade patterns and the mix of energy resources used within a given area. The book discusses the importance of technological evolution and the domestic and international implications of the climate accord in shaping the energy transition from fossil fuels to clean(er) energy. The authors documents how demand for metals shifted from West to East while supply shifted from North to South -on account of the spectacular rise of China and large resource finds in Latin America and Africa.