Base Metals Revisited: Watch Key Levels of Support

Base metals have been an acute victim of the current economic crisis, and we expect further downside as the economic climate deteriorates further. Manufacturing and industrial production figures are plummeting on a global level and evidence exists that large-scale projects are being put on hold or cancelled altogether on the back of continued strain in credit markets. Given these dynamics, we forecast global growth to come in at a meagre 0.3% in 2009, with considerable downside risks of a contraction.

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