date:Jan 05, 2016
s a major player.
However, the stabilisation in the currency, coupled with the prospect of a return to world production shortfall in 2015-16, has seen futures recover markedly, to number as one of the few commodities to end 2015 higher than it started.
But has this revival now factored in the tightening supply and demand balance? Will further declines in the Brazilian real upset the recovery?
ABN Amro
Besides short-term factors, the fundamentals are also pointing to a prolonged period of hig