Global commodity markets are headed for a "significant correction" by year-end, warns Sailesh Jha, managing director, Asia macro strategy & sales at Jefferies Singapore.

While the growth outlook for emerging markets is "looking pretty strong", Jha highlights that in the next two-three months "data will soften and the tide will turn".

The Reuters/Jefferies CRB Index of 19 commodities has advanced as much as 14 percent over the last 12 months.