January was a better month for commodities, supported by hopes of an improvement in the global macroeconomic and financial backdrop. However, the recovery in the US economy has yet to convince even the Fed, which does not expect to be able to start to normalise interest rates at least until 2014. What’s more, the years of double-digit GDP growth in China are now history, whilst the worst days of the crisis in the euro-zone may still lie ahead.
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