Ex-China commodities demand expected to expand
An end to destocking in the developed world is causing a rebound on non-Chinese demand for commodities. Macquarie commodities analyst Jim Lennon argues this will gather pace to maintain upwards price momentum.
The recovery in commodity prices in recent months has been mostly China-driven.
We estimate that while average growth in demand for base metals and steel combined was close to 25% year-on-year in the first seven months of 2009, non-Chinese demand by contrast fell by an average of close
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