Commodity markets face an impending “hecatomb” of sharply lower demand, according to the Swiss bank UBS, which on Wednesday issued one of the most pessimistic short-term forecasts among the investment community for the energy, minerals and metals markets.

“Hecatomb is defined as a large-scale slaughter,” said Daniel Brebner, a UBS analyst in London. “Given the rout in commodity markets, this word is, unfortunately, appropriate in characterising the current and likely near-term environment for commodities markets.”