Large commodity price rises last week recovered only a tiny proportion of lost ground leaving the overall cyclical position little changed. A further global growth downgrade from the IMF left the sector at risk of having to reduce its estimates of raw material demand. The open question after the week’s rally is whether the demand for risk will carry further into the end of the year. As long as the near term preparedness to incur risk is simply a readjustment to excessive prior selling, the answer will most likely be “no”. The stronger commodity prices and their associated equities remain on parlous ground if they are relying on the support of a Federal Reserve clearly committed to raising interest rates at the first opportunity. Companies recently reviewed include Antilles Oil and Gas, Northern Iron and Pura Vida Energy. The PortfolioDirect report is available here (VIEW LINK)