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Comment of Wiktor Bielski, Global Head of Commodities Research at VTB Capital, for Bloomberg (USA)

23 April 2012
Hedge Funds Cut Bullish Wagers by the Most in Four Months


by Debarati Roy (Bloomberg)

Reserve Requirements
Governments pledged more than $430 billion in fresh money to the IMF to help it protect the global economy against the turmoil in Europe, the Group of 20 nations announced when their finance chiefs met in Washington on April 20. The Bank of Japan (8301) is “committed” to monetary easing to shore up the economy, Governor Masaaki Shirakawa said April 18.
China’s benchmark Shanghai Composite Index rose 2 percent last week on speculation that the government will increase fiscal spending on infrastructure and cut banks’ reserve requirements to bolster economic growth. China accounts for 40 percent of copper consumption and 11 percent of oil demand, Barclays Capital and the International Energy Agency estimate.
“China will look at some kind of easing,” said Wiktor Bielski, the London-based global head of commodities research at VTB Capital, which manages $2.8 billion of assets. “We will see acceleration in Chinese growth and we are already asking customers to buy those commodities in which China faces a shortage.”
China’s economy expanded 8.1 percent last quarter, the slowest pace in almost three years, the government said April 13. Chinese Premier Wen Jiabao cut the nation’s economic growth target to 7.5 percent last month, the lowest since 2004. <…> 

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