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ll as weaker supply growth, largely in Iraq and Libya. • Recent reports of a peace agreement in Libya between the rebels and the government caused Brent to fall by around 5%. We think a quick and full recovery in production is unlikely and we also think overall production capacity is now lower due t
ssued and approved for distribution in the U.K. and the EEA by JPMS plc. Investment research issued by JPMS plc has been prepared in accordance with JPMS plc's policies for managing conflicts of interest arising as a result of publication and distribution of investment research. Many European regulators req
rporates (CEMBI) 10.1% 9.5% 13.1% 21.0% 16.4% 15.4% Quarterly Averages Commodities Current 1204 1301 1302 1303 GSCI Index YID Return' Brent (Sibbl) 110 105 112 105 120 Energy -3.7% Gold (Stoz) 1733 1725 1750 1775 Precious Metals 8.7% Copper IS/metric ton) 7629 8300 8500
ssued and approved for distribution in the U.K. and the EEA by JPMS plc. Investment research issued by JPMS plc has been prepared in accordance with JPMS plc's policies for managing conflicts of interest arising as a result of publication and distribution of investment research. Many European regulators req
make the largest gain with close to 14%, closely followed by base metals and precious metals with 12% and 9% respectively. Our oil strategists see Brent at $120/bbl by year end, driven by higher demand as the global economy should improve sequentially towards the end of 2013. Agriculture prices are
ssued and approved for distribution in the U.K. and the EEA by JPMS plc. Investment research issued by JPMS plc has been prepared in accordance with JPMS plc's policies for managing conflicts of interest arising as a result of publication and distribution of investment research. Many European regulators req
Entities connected to both Brent and JPMS plc's

JPMorgan Chase
ORGANIZATION
Malaysia
LOCATION
Bloomberg L.P.
ORGANIZATION
Philippines
LOCATION
New Zealand
LOCATIONJapan Investment Advisers Association
ORGANIZATION
Frankfurt
LOCATIONthe Capital Market Authority
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Hong Kong
LOCATIONthe Central Bank of Brazil
ORGANIZATIONthe Stock Exchange
ORGANIZATION
the Ministry of Finance
ORGANIZATIONJPMSAL
ORGANIZATIONDubai Branch
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONCapital Markets Services License
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATION