Salient to Investors:

Edward L. Morse at Citigroup said the super cycle of commodity prices gains has ended as China shifts to slower growth and supplies increase, and conditions approximating those of the last decade will not return any time soon. Morse said prices won’t move sharply higher even as global stimulus lifts growth and demand rebounds by the end of 2013 – returns will be more differentiated depending on supply/demand balances.

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