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Growth mix fails to help commodities

Signs of stronger growth in the US have failed to boost commodities, due in part to the likelihood that the Fed will start to scale back its asset purchases under QE3 sooner than it might otherwise have done and to the support that this has provided to the US dollar (last month at least). What’s more, industrial demand for commodities is typically more sensitive to economic developments in China, where the data on the manufacturing sector in particular have softened further.

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