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• The steady increase in commodity prices over the past year has been followed by a meaningful correction over the summer, due to concerns over weaker global growth prospects.
• However, most commodity prices remain relatively high compared to historical levels mainly due to tight supplies. • We believe that commodity prices should remain around current elevated levels through the end of 2011, supported by robust demand from emerging economies and the persistence of tight supply/demand fundamentals in most commodity complexes.
• Precious metals, even if global economic environment deteriorates further, have the highest upside potential, due to investment-related factors.