Global Commodities Strategy

Metals : We remain below consensus regarding industrial metals prices for 2015-2016. Although prices will recover modestly in 2016, the recovery will be weaker than current market expectations. Our subdued outlook for global industrial metals demand growth is predicated on our below-consensus GDP growth forecast for China. The main negative implications for commodity prices are that metal used as collateral will be liquidated, decreasing faith in the Chinese central government to manage...

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