...Changes From Previous Assumptions: Fitch Ratings' updated global commodity price assumptions incorporate downward revisions for all commodities, with the largest changes being for nickel, zinc and copper. New price coverage has been added for thermal and hard coking coal. The price revisions reflect evidence of a further weakening of Chinese demand for commodities, together with the impact of investor sentiment towards commodities which is likely to remain deeply negative into 1H16 at least. The negative investment sentiment partly explains relatively balanced physical markets occurring simultaneously with falling prices in some commodity markets, such as copper and nickel. China is Key Driver: Fitch Ratings' view is that Chinese demand for commodities will continue to weaken as the economy undergoes a gradual deleveraging and adjustment from investment- to consumer-led growth. Fitch forecasts Chinese GDP growth of 6.3% in 2016 compared to 6.8% in 2015. The slowdown in Chinese demand has...
