COMMODITIES NOW
Republicans will strike a deal or, at least, postpone the deadline until later in 2013. Elsewhere, China’s new leaders take full power of a stabilising
economy. However, future commodity demand could look different according to Standard Bank. The Chinese economy is improving or at least stabilising (official PMI for manufacturing increased from 50.2 in October to 50.6, the strongest reading since April). However, much depends on which sectors of the economy are improving. “While exports and manufacturing are improving, these sectors constitute a relatively small portion ofChina’s total commodity demand. Key for stronger commodity demand growth remains the construction sector (especially residential and commercial construction).While we continue to see growth in this sector, we struggle to see construction growing at the same rate it did between 2009 and 2012 anytime soon,” says Standard Bank commodity strategist Walter de Wet. “As a result, we may not see physical buying activity in commodities with large exposure to construction (the bulk of overall Chinese commodity demand in the past) pick up substantially, even if economic growth in China improves.” Whilst pessimism over the US is obvious, he advises caution about getting too optimistic about China commodity demand. Looking further out, China’s
growth is expected slow to 4-5% by 2020. The crucial twist fro commodity markets is that appetite for resources will wane as the new leaders call time on history’s greatest building boom and opts instead for a modern, sleek, consumer, service- driven economy. Meanwhile, in the eurozone we
can expect more of the same. The Economist Intelligence Unit recently lowered its 2013 and 2014 GDP forecasts for the eurozone and now expect the currency bloc to contract by 0.2% next year and to grow by just 0.9% this year after. “Although the risk of a break-up of
the eurozone has receded – for now – existing and planned austerity programmes in many countries are beginning to bite. Germany, which has so far deflected the worst of the eurozone slowdown, is also showing
signs of weakening,” according to the EIU. They have also lowered growth forecasts for the eastern and central European region, owing to its close trade and financial links to eurozone economies. Similarly for Japan,
Although the risk of a break-up of the eurozone has
receded ... existing and planned austerity programmes in many countries are beginning to bite
lowering their 2013 projection to 0.6% from 1.2%. For China, EIU maintain a forecast for an 8.6% expansion in 2013.
DECLARATION OF DISTRIBUTION
INSCH INSIGHT LTD CLASS E SHARES
The Directors of Insch Insight Ltd are pleased to announce the quarterly distribution of 9.50% p.a. to the
shareholders of record as of 31 December 2012 of the Class E Shares.
Distribution will be made on or before 10th January 2013.
Insch Black Gold Is A Secured Income Investment Derived From Oil Revenues
Insch Insight Ltd is a “Professional Fund” within the meaning of the British Virgin
Islands Mutual Funds Act 1996 (as amended) (the “Act”) and accordingly its shares may only be made available to persons who are “Professional Investors” within the meaning of the Act and on the basis that the initial investment in the Fund by each
of its shareholders is not less than US$100,000. The Directors whose names appear in the Offering Memorandum accept responsibility for the information contained in this Declaration of Distribution. To the best knowledge and belief of the Directors
(who have taken all reasonable care to ensure that such is the case) the information contained in this Declaration of Distribution is in accordance with the facts and
does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly. The purpose of this announcement is for information only and does not constitute an off or a solicitation.
CUSIP Number: G47343127 ISIN Number: VGG473431275
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