New York December 2011 Lennon.pptVIP

Commodities outlookDrivers on the supply and demand side December 2011 Jim Lennon Macquarie Capital (Europe) Limited Level 7, 28 Ropemaker St, London, UK +44 203 037 4271 jim.lennon@ Key drivers in the commodity outlook Macroeconomic trends – EU/USA/China/other developing countries China – understanding of short term cycles and medium term structural changes End-use developments globally – important sectors for commodities are construction, infrastructure, machinery investment, autos, white goods/appliances, power generation, transmission and distribution Supply growth – understanding of ti