Commodities prices, particularly for base metals, should recover along with the Chinese economy in the first quarter of 2013, according to a DBS Bank report published on Jan 8.

"The base metals recovery should continue, initially on confirmation of China's rebound, and eventually when the world's second-largest economy betters the consensus estimate of 8.1 percent growth," said Lim Say Boon, chief investment officer at DBS.

DBS expects China to record a 9 percent economic growth rate in 2013. Beijing's new leaders will likely provide fresh monetary and fiscal support to an economy already in the early stages of a business cycle turnaround.