Commodity Market Increased Slightly in March Amid Mixed Macroeconomic Indicators

    Commodity Market Increased Slightly in March Amid Mixed Macroeconomic

PR Newswire

NEW YORK, April 10, 2013

NEW YORK, April 10, 2013 /PRNewswire/ --Commodities were slightly higher in
March despite uncertainty stemming from the Eurozone.

Nelson Louie, Global Head of Commodities in Credit Suisse's Asset Management
business, said, "The market's focus has been on risks stemming from Europe
along with emerging market demand concerns. The US equity market has largely
bucked these concerns and continued to move higher, choosing to focus on
encouraging domestic signs. US consumer confidence continued to recover, with
the March reading near its highest level since 2007. The housing recovery
continued to gain steam, with home prices higher for much of the country.
However, commodities have been more sanguine, keeping with the broader global
theme of higher risk aversion based on macroeconomic concerns."


Christopher Burton, Senior Portfolio Manager for the Credit Suisse Total
Commodity Return Strategy, added, "Events in the Eurozone as well as
fluctuations in global growth expectations will continue to play a role in
commodity market movements. However, we remain concerned with the long-term
implications of ongoing monetary stimulus and its potential impact on
unexpected inflation risk."

The Dow Jones-UBS Commodity Index Total Return increased 0.67% in March.
Overall, 10 out of 22 index constituents posted positive returns. Energy was
the best performing sector, up 6.29%, led by Natural Gas on the back of
continued larger-than-consensus storage withdrawals. Weather forecasts
remained colder than normal, supporting heating demand. Precious Metals
increased 0.63%. The uncertainty of Cyprus solidifying a bailout deal with
the European Central Bank led investors to look to Gold as a safe haven,
though it also led to a higher US dollar. Industrial Metals was the worst
performing sector, down 4.53%, as events in Europe set the tone for base
metals over the course of the month. Caution emerged over a possible bank run
in Cyprus which weighed on the sector, as did speculation over weaker Chinese
demand. Agriculture decreased 2.43% following the release of the USDA Grain
Stocks report on March 28^th, which featured inventories at or above the high
end of consensus expectations for corn, soybeans and wheat. Livestock was
relatively unchanged, down 0.31%, due to mixed returns from sector
components. Live Cattle declined due to lower export expectations after
Russia implemented a ban on US beef exports. Corn trading limit down at the
end of the month also aided Live Cattle, as cheaper corn may reduce the near
term supply of cattle.

About the Credit Suisse Total Commodity Return Strategy
Credit Suisse's Total Commodity Return Strategy has been managed for 18 years
and seeks to outperform the return of a commodities index, such as the Dow
Jones–UBS Commodity Index Total Return or the S&P GSCI Total Return Index,
using both a quantitative and qualitative commodity research process.
Commodity index total returns are achieved through:

  oSpot Return: price return on specified commodity futures contracts;
  oRoll Yield: impact due to migration of futures positions from near to far
    contracts; and
  oCollateral Yield: return earned on collateral for the futures.

As of March 31^st, 2013 the team managed approximately USD 11.3 billion in
assets globally.

Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers
and is part of the Credit Suisse group of companies (referred to here as
'Credit Suisse'). As an integrated bank, Credit Suisse is able to offer
clients its expertise in the areas of private banking, investment banking and
asset management from a single source. Credit Suisse provides specialist
advisory services, comprehensive solutions and innovative products to
companies, institutional clients and high net worth private clients worldwide,
and also to retail clients in Switzerland. Credit Suisse is headquartered in
Zurich and operates in over 50 countries worldwide. The group employs
approximately 47,400 people. The registered shares (CSGN) of Credit Suisse's
parent company, Credit Suisse Group AG, are listed in Switzerland and, in the
form of American Depositary Shares (CS), in New York. Further information
about Credit Suisse can be found at

Asset Management
In its Asset Management business, Credit Suisse offers products across a broad
spectrum of investment classes, including hedge funds, credit, index, real
estate, commodities and private equity products, as well as multi-asset class
solutions, which include equities and fixed income products. Credit Suisse's
Asset Management business manages portfolios, mutual funds and other
investment vehicles for a broad spectrum of clients ranging from governments,
institutions and corporations to private individuals. With offices focused on
asset management in 19 countries, Credit Suisse's Asset Management business is
operated as a globally integrated network to deliver the bank's best
investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory
requirements; certain products and services may not be available in all
jurisdictions or to all client types.

Important Legal Information
This document was produced by and the opinions expressed are those of Credit
Suisse as of the date of writing and are subject to change without obligation
to update. It has been prepared solely for information purposes and for the
use of the recipient. It does not constitute an offer or an invitation by or
on behalf of Credit Suisse to any person to buy or sell any security. Any
reference to past performance is not a guide to future performance. The
information and analysis contained in this publication have been compiled or
arrived at from sources believed to be reliable but Credit Suisse does not
make any representation as to their accuracy or completeness and does not
accept liability for any loss arising from the use hereof.

Certain information contained in this document constitutes "Forward-Looking
Statements" (including observations about markets and industry and regulatory
trends as of the original date of this document), which can be identified by
the use of forward-looking terminology such as "may", "will", "should",
"expect", "anticipate", "target", "project", "estimate", "intend", "continue"
or "believe", or the negatives thereof or other variations thereon or
comparable terminology. Due to various risks and uncertainties beyond our
control, actual events, results or performance may differ materially from
those reflected or contemplated in such forward-looking statements. Readers
are cautioned not to place undue reliance on such statements. Credit Suisse
has no obligation to update any of the forward-looking statements in this

Certain risks relating to investing in Commodities and Commodity-Linked
Investments:Exposure to commodity markets should only form a small part of a
diversified portfolio. Investment in commodity markets may not be suitable for
all investors. Commodity investments will be affected by changes in overall
market movements, commodity volatility, exchange-rate movements, changes in
interest rates, and factors affecting a particular industry or commodity, such
as drought, floods, weather, livestock disease, embargoes, tariffs and
international economic, political and regulatory developments. Commodity
markets are highly volatile. The risk of loss in commodities and
commodity-linked investments can be substantial. There is generally a high
degree of leverage in commodity investing that can significantly magnify
losses. Gains or losses from speculative derivative positions may be much
greater than the derivative's original cost. An investment in commodities is
not a complete investment program and should represent only a portion of an
investor's portfolio management strategy.

Copyright © 2013, CREDIT SUISSE GROUP AG and/or its affiliates. All rights

SOURCE Credit Suisse AG

Contact: Katherine Herring, Corporate Communications, tel. 212 325 7545,
Press spacebar to pause and continue. Press esc to stop.