UBS view on commodities Reply

Is the pullback in commodities & miners a buying opportunity?
No. We believe that capital outflows from emerging markets caused the
pullback – the same culprit responsible for the corrections of September 2011 and
April/May 2010. Unfortunately, we see no immediate respite from these flows.
Consequently, we believe the risk to the commodities and the miners remains to
the downside.

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