"The main determinant to commodities is supply and demand, " said Mr Rodgers.

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Like many conglomerates, Votorantim sees diversity as a shield: cement apart, its main businesses are internationally traded commodities subject to cylical swings.

ECONOMIST: Votorantim

Its main exports remain metals and energy commodities, so as the global growth outlook stagnates at best, a drop in exports could put a damper on the economy.

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The main sources of inflation in China are commodities, mainly oil, iron ore and agricultural commodities.

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And the market for bauxite and alumina, its main export goods, has been rockier than for other commodities.

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