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Europe Outlook, China Pose Risk to Commodities, Aberdeen Says 

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EUROPE MINOR METALS-Cobalt Holds Firm on Robust Demand

May 21 (Bloomberg) -- The economic outlook in Europe and measures to curb loan growth in China will limit demand for commodities, particularly base metals, said Aberdeen Asset Management Plc's portfolio manager.
&quot;Europe's growth profile is now weaker with their fiscal tightening and maybe some in the U.S. too later on,&quot; James Carver, who is based in London, said in an interview. &quot;China is tightening policy in general too. We are wary of being too bullish in the medium term.&quot;
Commodities, measured by the Reuters/Jefferies CRB Index of 19 raw materials, slumped to an eight-month low yesterday, and are set for a fourth weekly decline on concern that Europe's sovereign-debt crisis will curb the economic recovery. China, the world's fastest-growing major economy, has acted to curb soaring property prices and loan growth, eroding demand.
Aberdeen manages $259.3 billion in global assets, including an undisclosed amount in commodities.
&quot;The key in reality is China for commodities,&quot; Carver said. Many investors taking short positions, or bets that prices will fall, have targeted commodities on the back of Greece worries, he said. &quot;Commodities that are most vulnerable are base metals, with the highest percentage of demand going to China&quot; such as copper and iron ore, he said.
Copper for delivery in three months on the London Metal Exchange has weakened 11 percent this year. Lead and zinc have each plummeted 28 percent and aluminum has tumbled 11 percent.
China Decline 
Copper imports by China, the largest consumer, declined for the first time in three months, the Beijing-based customs office said on May 10. Europe consumes about a fifth of the world's copper, according to Barclays Capital.
&quot;Making money by buying commodities is very hard,&quot; Carver said. &quot;Investors have not been benefiting from investing in broad commodity indices.&quot;
The S&amp;P GSCI Total Return Index of commodities slumped 14 percent this year, reversing a 2009 advance of the same extent. That followed a 47 percent decline in 2008, the worst since at least 1971. Standard &amp; Poor's GSCI Index of 24 futures lost 9.7 percent this year after 50 percent jump last year. 
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Europe Outlook, China Pose Risk to Commodities, Aberdeen Says  | Shanghai Non ferrous Metals

Europe Outlook, China Pose Risk to Commodities, Aberdeen Says

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