Commodities have lost their lustre for leading investment strategists on fears that global economic growth, particularly Chinese demand, may be lower than previously expected. Instead, they are recommending investing in large-cap US companies whose earnings have historically varied less through economic cycles. That includes defensive areas such as household products and utilities but also some technology and industrial companies. Investors became more cautious about commodities after last week\'s vicious unwind of oil, copper and precious metals, which some dubbed a mini \"flash crash\" similar to the one seen in US equity markets a year earlier. Even as strategists recommend steering away from commodities, they agree that the long-term outlook is positive. But over the near term they do not rule out another downleg in prices, especially if China, the world\'s largest consumer of raw materials, continues to tighten monetary policy. from / Gulf News