Media Advisory - BMO Capital Markets Provides Update on Global Commodities Outlook

    Metals, gold, and oil have long-term staying power despite economic
    headwinds, says Bart Melek, BMO's Global Commodity Strategist

    HOLLYWOOD, FL, Feb. 25 /CNW/ - Join Bart Melek, Global Commodity
Strategist, BMO Capital Markets, by conference call for an update on his
outlook for the global commodities sector.
    Speaking from BMO's Global Metals and Mining Investor Conference in
Hollywood, Fla., Mr. Melek will provide a brief commentary and then take
questions on Tuesday, February 26, 2008 at 10 a.m. (EST).

    BMO provides its outlook for the Global Commodities Sector

    Media conference call with Bart Melek, Global Commodity Strategist, BMO
    Capital Markets

    Tuesday, February 26, 2008
    10 a.m. (EST)

    Conference Call Number:
    888-789-9572 or 416-695-7806
    Passcode: 3253458 followed by the pound key.

    Mr. Melek will discuss:

    -  Metals, gold and energy show strength for now despite recession fears

       As nervous investors contemplate what a U.S. recession may mean for
       corporate earnings and financial markets in general, they have
       lightened their holdings of everything that is dependent on a robust
       U.S. economy. In sharp contrast, commodities, which are normally
       susceptible to downturns, are more than holding their own.

    -  Slowing economy to place downward pressure on metals later this year,
       but long-term prospects remain upbeat

       Notwithstanding the recent speculative rally driven by supply worry,
       BMO Capital Markets' analysis shows that the decelerating U.S. economy
       is set to whittle down global demand growth for metals this year.
       Nonetheless, BMO Capital Markets' analysis shows that robust domestic
       consumption and infrastructure spending in countries such as China,
       India and Russia will keep demand strong long-term, while labour
       scarcities, technical, regulatory and environment challenges will keep
       supply growth modest. As such, metal markets will continue to be quite
       tight long-term.

    -  Gold to maintain an upward trajectory

       BMO Capital Markets projects gold and the precious metals complex in
       general to continue following an upward trajectory in 2008. This
       optimism regarding precious metals is primarily driven by the view
       that the U.S. dollar will remain in a weakened state for the
       foreseeable future and growing inflation pressures will be supportive
       of pricing.

       Also looming large in the decision to be bullish in gold is that
       jewellery sales and the use of gold and other precious metals as a
       store of wealth in emerging India, growing China, and the rest of the
       developing world are expected to become increasingly important as
       personal wealth there grows.

    -  Oil has long-term staying power

       BMO Capital Markets projects oil prices to moderate from current
       levels once the impact of Venezuela's threats to stop supplying the
       U.S. is out of the market, and the slowing economy starts showing up
       in demand numbers later in the year. Crude is expected to average
       $87bbl this year, about $10 higher than in 2007. As is the case with
       the metals sector, demand for oil is coming from the developing world
       at a time when supply growth is limited.

    -  Global economy down, but not out

       BMO Capital Markets expects the world economy to decelerate in the
       months ahead as the shock waves radiating from the U.S. housing market
       and the securitized debt market reverberate through the global
       financial system. Growth is projected to hover just above 1 per cent
       in the U.S. and under 2 per cent in Western Europe, while Japan is
       expected to settle under 1 per cent, as fallout from the subprime
       meltdown tightens credit market conditions and activity.

    Full copies of Mr. Melek's latest reports on his "Global Commodity
Strategy" and the "Copper Review and Outlook" are available upon request.
    A playback of the call and one-on-one interviews will be available.

    Bart Melek has closely analyzed trends in global commodity and financial
markets, as well as in the global and Canadian economies, for more than a
decade. He contributes to BMO Capital Markets' strategic view by providing
commentary on commodity markets and how they relate to the sectoral and
economic outlook.

For further information:

For further information: Media Contacts: Kim Hanson, Toronto,, (416) 867-3996 or (416) 624-8905; Holly Holt, New York,, (212) 885-4153; Internet:

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