Bond Outlook [by bridport & cie, January 17th 2007]
The lower commodity prices reflect more than a change in the supply/demand relationship, even though some of the fall reflects the decline in Chinese demand growth (not absolute levels of demand), and supply must have increased as high prices have attracted more investment. The additional factor has to be the withdrawal from the market of “financial investors” as they take profits and conclude that the entire asset class is losing its attraction. |
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