 "China to reign supreme in world commodities in 2014: Report")
French commodity research specialist Cyclope in a report published this week argues that "in the coming months, global markets will feel even the slightest sneeze from China".
World commodity prices have surged in recent years, driven by rising demand from increasingly affluent shoppers in emerging markets and particularly China.
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China has also amassed huge reserves of dollars and has the financial fire-power to buy and outbid, since many commodities are traded in dollars.
China overtook India to become the world's biggest gold-consuming nation in 2013, and the World Gold Council forecasts that its appetite could jump by about 20% by 2017.
It is also close to overtaking the United States as the world's biggest oil importer and has become a vast consumer of many agricultural commodities as more people can afford to eat meat and dairy products.
Its influence on global commodity markets has become even more important in the wake of the global economic crisis, which has hampered growth in the developed world.
Even sales of top French wines are being driven by Chinese demand, said Philippe Chalmin, a professor at Paris Dauphine University, who led the Cyclope report.
But growth in the Chinese economy, the world's second-biggest after the United States discounting the ranking of the European Union, is decelerating as Beijing's leaders wean the country off investment as the key driver of expansion and shift the focus towards consumer spending.
The slowdown in China last year had a huge impact on metal markets in particular, sending prices lower.
On average, raw material prices fell by 5.0% in 2013, the report said.
In 2014, Cyclope predicts that prices will fall even further, by an average of 4.0%, despite support from an expected uptick in global growth.
Nonetheless, "the current slowdown and future activity should not cause major adjustments," reads the report.