Commodity prices, and especially crude oil prices, will depend on the opening of China after the lunar New Year celebration later this month. Jeff Curry, head of global commodity research at Goldman Sachs Group Inc, said in an interview with Bloomberg Television.

Curry said a barrel of Brent crude oil could reach $110 a barrel by the third quarter if China and other Asian economies completely waive coronavirus-related restrictions. Futures traded above $82 a barrel on Wednesday.

Copper, which rose above $9,000 a ton for the first time since June this week, is likely to exceed $11,500 a ton by the end of 2023, Curry added. Longer term, copper could reach $15,000 a ton.