Credit Suisse Asset Management of New York reports commodities gained during the month of December, while base metals and energy supplies decreased as demand for expectations climbed.

Credit Suisse added industrial metals increased by 9.16 percent amid positive global indicators and precious metals jumped by 3.05 percent on higher inflation expectations and a slightly weaker U.S. dollar.

In addition, energy gained by 3.9 percent, while both agriculture and livestock declined by an average of just 1.6 percent, as better than anticipated weather conditions paved the way for supplies of most grains and softs to outpace demand.

Overall, the Bloomberg Commodity Index Total Return performance was also positive for the month, ending with 13 of 22 Index constituents posting gains.

"With the help of increasing demand for oil, OPEC and its partners have slowly brought down global supplies closer to the five-year average,” Nelson Louie, global head of commodities for Credit Suisse Asset Management, said in a press release. “Their agreement, which potentially extends the cuts through the end of 2018, may rein in supplies further in the coming year.”

Louie predicts that markets will remain concentrated on meeting compliance levels in the new year, adding that if crude prices continue to climb more smaller operations may move to increase their production as well.

"Global growth continues to be strong, potentially increasing commodity demand and inflation,” Christopher Burton, senior portfolio manager for the Credit Suisse Total Commodity Return Strategy, said. “Earlier in the year, the Organization for Economic Cooperation and Development predicted the GDPs of all 45 countries it monitors would grow in 2017, backed by low interest rates, lower unemployment and elevated consumer confidence.”