Deutsche Bank research 10/07/2009

Commodity Views ..................................... 2
#1 Executive Summary .............................. 3
#2 Trade Recommendations...................... 4
#3 Commodity Indices............................... 7
#4 Exchange Traded Funds ....................... 9
#5 Global Macro....................................... 12
#6 The Role Of China............................... 15
#7 Crude Oil ............................................. 17
#8 US Natural Gas.................................... 21
#9 European Power ................................. 23
#10 Precious Metals ................................ 24
#11 PGMs................................................ 28
#12 Industrial Metals ............................... 30
#13 Carbon Emissions ............................. 41
#14 US Carbon Policy .............................. 42
#15 Uranium ............................................ 43
Commodities Chartbook ......................... 47
Price Forecasts ........................................ 54
Correlation Matrix .................................... 58