Industry
On A Knife-Edge In Q112
January 2012 |We retain a modestly positive bias towards commodities in January. After dramatic losses in Q411, prices could regain some poise as sentiment recovers slightly from the bearish extremes of end-2011. However, markets such as oil and copper might have to be patient, as significant resistance stands in the way of additional gains. Over the medium term, prices across the complex will come under renewed pressure and we see no room for a sustained recovery. Indeed, our average price forecasts for 2012 are below consensus across the board. Nonetheless, we have previously highlighted oil as an outperformer due to persistently tight
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