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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
buted in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bursa Malaysia Ballad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Stoking (Psi.) Ltd is a member of the Karachi Stock Exchange and re
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
buted in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146.X) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and re
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
buted in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: 1. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and re
Entities connected to both Brent and Capital Markets Services License

JPMorgan Chase
ORGANIZATION
Malaysia
LOCATION
Philippines
LOCATION
Bloomberg L.P.
ORGANIZATION
New Zealand
LOCATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONEngland & Wales
LOCATIONthe Capital Market Authority
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATION
the Ministry of Finance
ORGANIZATIONDubai Branch
ORGANIZATIONthe Hong Kong
LOCATIONthe Central Bank of Brazil
ORGANIZATIONthe Stock Exchange
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATION