Several market trends will continue to support commodity prices at historically elevated levels.
The eurozone debt stress is starting to filter around the globe. It is beginning to impact global growth via capital and trade flows, negatively affecting consumer and business confidence. The Chinese economy will continue to decelerate, a lagged response to tight credit conditions that have been in place in China since early 2010 and a weaker export environment. Profit downgrades for the resource sector have occurred as commodity prices have now declined below last year’s consensus forecast for 2012, and we are currently seeing commodity price downgrades as a result. However, the low...
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