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Alternative Market Briefing

Commodities fell in August, led by agriculture and metals

Tuesday, September 13, 2016

Komfie Manalo, Opalesque Asia:

Credit Suisse Asset Management, the asset management unit of financial services provider Credit Suisse AG , said that commodities declined in August, largely driven by supply fundamentals and evolving macroeconomic headlines.

The Bloomberg Commodity Index Total Return performance was negative for the month, with 14 out of 22 Index constituents posting losses.

Nelson Louie, global head of commodities for CSAM, commented, "With the U.S. growing season for grains nearing completion, a large crop looks increasingly certain. Attention will slowly shift towards the upcoming planting season in Latin America. Weak emerging market currencies versus the U.S. dollar resulted in commercial consumers sourcing grains from outside of the U.S. As South American corn and soybean stocks are already low, any planting delays or weather disruptions may support prices. Within the oil and petroleum sector, market participants are shifting their focus to the upcoming OPEC meeting, where expectations for a potential agreement have increased as Iran has regained market share."

Meanwhile, Saudi Arabia and Russia are both producing at or near record levels. However, U.S. crude oil output has tightened from mid-2015 peak levels amid significant production cuts. This may provide support to oil prices, if and when OPEC decides to act, Louie added.

CSAM observed the following:

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