Do commodity prices follow the cycle of fundamentals or the cycle of risk aversion?

In the recent period, there have been drastic fluctuations in commodity prices (we look at oil and non-precious metals). This raises the following question: are commodity price fluctuations linked to changes in the fundamentals of these prices (growth in demand for commodities) or to changes in risk aversion and therefore speculative positions ? An empirical analysis seems to show that: Oil prices depend primarily on fundamentals; Non-precious metal prices react to both fundamentals and speculative positions, especially since 2014.