A positive outlook for commodities is still very much dependent on an uptick in global growth in the next year or so, writes Michel Pireu EXTRACTS of a conversation with Stephen Meintjes, head of research at Imara SP Reid:Well, right now everyone’s still all a cock-a-doodle-do about China and the leadership’s attempts to re-jig that economy — which is going to be a good thing in the long term.They’re going to make interest rates more realistic so that capital goes to the private sector instead of the less efficient state-owned enterprises, which means China should be able to maintain a snappy rate of growth for another decade or so. But the problem lies with what’s going to happen in the next six months to a year.And just in the last few days the leadership has announced plans to protect the stated growth objective of 7%-7.5%. One of the items on the agenda is to build more railways. In the hinterland and in the north and the west, they’ve got vast open territories that are sparsely...

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