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Contents
2 Walking a tightrope
5 Trading recommendations
6 Key commodity forecasts vs. forward prices*
7 SG long-term forecasts*
8 Quarterly energy, iron ore & steel forecasts*
9 Global economic outlook
10 SG global economic forecasts
11 Fundamental drivers - Summary
12 Oil
22 US natural gas
34 Thermal coal
44 European natural gas*
49 European carbon
58 European power*
64 Grains: corn, soybean, wheat
74 Sugar
79 Livestock: lean hogs, live cattle
83 Steel and iron ore**
86 Aluminium
90 Copper
94 Zinc
97 Lead
100 Nickel
103 Tin
105 Gold
109 Silver
112 Platinum and palladium