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Industrial metals lead S&P GSCI to first half increase of 6.55 per cent


The S&P GSCI increased 6.55 per cent during the first half of 2009, led by a 29.9 per cent increase in the S&P GSCI Industrial Metals Index. 

The S&P GSCI increased 6.55 per cent during the first half of 2009, led by a 29.9 per cent increase in the S&P GSCI Industrial Metals Index. 

According to Standard & Poor’s Index Services, industrial metals were the strongest sector performer during the first six months of the year.

However, due to the greater weight of energy in the S&P GSCI (currently 71 per cent), the 8.05 per cent year-to-date increase in the S&P GSCI Energy Index was the largest contributor to the S&P GSCI’s first half returns.
‘The commodity market exhibited stabilization in the first half of 2009 following the near historic volatility in 2008. In addition, it seemed to be anticipating a potential recovery in the global economic situation,’ says Michael McGlone, director of commodity indexing at Standard & Poor’s.
According to McGlone, the emergence of economic ‘green shoots’ benefited the S&P GSCI in the first half of the year, but pressured agriculture prices.

In June, the S&P GSCI Agriculture Index was the worst performing sector, posting a 12.13 per cent decline and resulting in a year-to-date loss of 4.94 per cent.  Agriculture was the biggest first half sector drag on S&P GSCI returns.
The S&P GSCI is a benchmark for investment performance in the commodity markets.

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