Bank of America Merrill Lynch Announces 2011 Composition and Weights for the Merrill Lynch Commodity Index eXtraSM
LONDON, Dec 01, 2010 (BUSINESS WIRE) –
Bank of America Merrill Lynch today announced the composition and weights for the 2011 Merrill Lynch Commodity index eXtraSM (MLCX). The MLCX is designed to provide a liquid benchmark for commodity market performance, tracking liquid and cost efficient investments. The MLCX contains the following six market sectors originally chosen by BofA Merrill Lynch Global Commodities Research: Energy, Base Metals, Precious Metals, Grains & Oil Seeds, Livestock, and Soft Commodities & Others.
Bank of America Merrill Lynch constructed the MLCX based on the liquidity of the constituent futures contracts and the value of the global production of each underlying commodity. No commodities have been added or removed from the index for 2011. The market disruption logic of the index will be modified, effective January 3, 2011, to be more consistent with common benchmark practices. The commodity weights, which are determined by the Bank of America Merrill Lynch Commodities group following predefined rules from the MLCX Handbook, are based on global production value and are listed below:
Commodity 2010 2011 Target Change
Crude oil (WTI) 31.52 % 32.92 % 1.40 %
Gasoline (RBOB) 11.37 % 12.01 % 0.64 %
Gasoil 12.67 % 11.81 % (0.86 ) %
Corn 5.87 % 7.29 % 1.42 %
Copper 4.56 % 5.36 % 0.80 %
Wheat 7.28 % 5.14 % (2.14 ) %
Gold 3.58 % 3.70 % 0.12 %
Soybean 4.75 % 3.67 % (1.08 ) %
Aluminium 3.48 % 3.37 % (0.11 ) %
Sugar 2.42 % 3.28 % 0.86 %
Natural Gas 4.44 % 3.26 % (1.18 ) %
Live Cattle 2.14 % 2.02 % (0.12 ) %
Soybean Oil 1.67 % 1.36 % (0.31 ) %
Nickel 0.94 % 1.22 % 0.28 %
Zinc 0.82 % 1.06 % 0.24 %
Coffee 1.07 % 1.04 % (0.03 ) %
Lean Hogs 0.96 % 0.98 % 0.02 %
Silver 0.46 % 0.51 % 0.05 %
Source: Bank of America Merrill Lynch Commodities Group
Sector 2010 2011 Target Change
Energy 60.00 % 60.00 % - %
Grains & Oil Seeds 19.57 % 17.46 % (2.11 ) %
Base metals 9.80 % 11.01 % 1.20 %
Softs & Others 3.49 % 4.32 % 0.83 %
Precious metals 4.04 % 4.22 % 0.18 %
Livestock 3.10 % 3.00 % (0.10 ) %
Source: Bank of America Merrill Lynch Commodities Group
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SOURCE: Bank of America Merrill Lynch
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