You can no longer buy commodities at Merrill Lynch. My guess is many analysts and even executives are too young to know how profitable a hot commodities market can be. They will soon.
Sentiment: NEGATIVE
When you look at a commodities market you need hedgers and speculators. If you don't have one, you don't have a market. That's how it works.
Historically, there has been a bull market in commodities every 20 or 30 years.
The price of a commodity will never go to zero. When you invest in commodities futures, you're not buying a piece of paper that says you own an intangible piece of company that can go bankrupt.
I think the market is always going to be around. The goal is not to say, let's get rid of the market, because the market does render a huge number of services, and I don't want to have a fight about the price of something every time I buy a book or a bottle of water.
If I'm a commodity, it wouldn't be a wise idea to buy stock in me - although, in the long run, maybe I'm a slow growth investment.
A commodity producer should be comfortable being exposed to prices.
Merrill Lynch is this hugely prestigious brand.
Commodities tend to zig when the equity markets zag.
The commodity price easing really does not play too much role in our margins because our basic raw material - steel - is not really a commodities engineering steel.
We don't want to abandon any of the market we have now. We just want to gain new market.
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