Hotfire - IMO it is good to see investment banks making ballsy...

Hotfire - IMO it is good to see investment banks making ballsy calls rather than acting as shopfronts to their corporate departments. Goldman Sachs also do it - they have made big calls on the future iron ore, oil and gold price and got it right but have probably soiled a lot of corporate relationships in the process.

I have read Citi's note and it is a recast of their previous recommendations based on a downgrade of its IO price forecast in a separate report by Citi's China Commodity Strategist. Its a fact of life that investment banks operate on both the buy and sell side and there is not much we can do about it. My advice is to wear nappies as it is going to get a lot more messy.