What’s your outlook for commodities?
We think that economic growth should remain strong this year for the major regions such as the US, the emerging markets and the more robust European core countries such as Germany (we estimate global GDP growth for 2011 to be 3.9%). This has been well supported by the recent better-than-expected economic indicators in the US and Europe, which have strengthened investors’ confidence. Together with the accommodative monetary policies from the developed markets and the continued strong economic growth across emerging markets, this argues for a constructive view for commodities in 2011.
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