Salient to Investors:

Copper bulls retreated for a third consecutive week on concern about weaker manufacturing from Europe to China.

Christine Lagarde at the IMF expects weaker global growth than forecast in July.

Filip Petersson at SEB says it will take time for stimulus to impact real demand, and sees poor data globally – industrial-metals will have a very hard time recovering without the Chinese at least stabilizing.

Barclays says weakening global growth means central banks actions won’t be a game changer for many commodities – copper supplies will exceed demand by 160,000 tons in Q4, the first surplus in 2012.

Macquarie Group said copper is the metal most likely to benefit from infrastructure spending in China.

Ross Strachan at Capital Economics said the significant recent steps from many countries will in due course help to alleviate the worst fears of hard landings, particularly in China. Strachan said the global economy is slowing down and things will significantly worsen for commodity prices.

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