Commodities Comment

研报英文原文证据摘录

Commodities Comment

Important information:

This publication represents the views of the Sales and Trading Global Macro Strategy Department and/or Sales and Trading Desk strategists (collectively referred to as “Global Macro”) of

Macquarie. It is not a product of Macquarie Research and the view of Global Macro may differ from the views of Macquarie Research and other divisions at Macquarie. Macquarie has policies in place

to promote the independence of Macquarie Research and to manage conflicts of interest, including policies relating to dealing ahead of the dissemination of Macquarie Research. These policies do

not apply to the views of Global Macro contained in this report.

Global Macro Disclosure

The name “Macquarie” refers to Macquarie Group Limited and its worldwide affiliates and subsidiaries (the Macquarie Group). This information is provided on a confidential basis and may not be

reproduced, distributed or transmitted in whole or in part without the prior written consent of Macquarie.

This publication has been prepared by Macquarie Sales and Trading personnel and is not a product of the Macquarie Research Department. Any views or opinions expressed are the views of the

author and the Macquarie Sales and/or Trading desk from which it originates (‘the Authors’) and those views may differ from those of the Macquarie Research Department. Prior to distribution of

this publication, information contained herein may be shared with Macquarie Trading desks who are not subject to prohibitions on trading prior to the dissemination of this publication. The views are

not independent or objective of the interests of the Authors and other Macquarie Sales and/or Trading desks that trade as principal in the financial instruments mentioned within and who may be