In May, most commodity prices experienced significant declines due to the strengthening US dollar. Oil prices decreased by 20.7% while natural gas increased by 6.4%. Gold and silver prices fell by 2.5-8.8% respectively. The document provides commodity price data for May and forecasts prices will generally increase over the next three quarters as the US dollar is expected to weaken.

1. ™
Commodity Market Watch
Monthly Dashboard of Commodity Prices
June 2012

2. Finance, Strategy and Legal Practice
© 2012 The Corporate Executive Board Company. All Rights Reserved
EXECUTIVE SUMMARY
In May, almost all commodity prices experienced a significant decline due to the upsurge in
the price of US Dollar.
A few highlights:
1. Oil price decreased by 20.7% in May.
2. Gold and Silver price decreased by 2.5% and 8.8% respectively.
3. Natural gas was the only commodity to experience a price increase.
2
TABLE OF CONTENTS
•Fuels—Page 3
•Color Metals—Page 4
•Industrial Metals—Page 5
•Polymers—Page 6
•Agricultural Products—Page 7-8
•Forecast—Page 9
Source: Bloomberg, Corporate
Executive Board Research
S.No. Commodity April May Percentage Change
1 Crude Oil (USD per Barrel) 104.93 83.23 -20.68%
2 Natural Gas (USD per Million British Thermal Units) 2.19 2.33 6.40%
3 Gold (USD per Troy Ounce) 1664.80 1622.10 -2.56%
4 Copper (US Cents per Pound) 382.50 331.35 -13.37%
5 Silver (USD per Troy Ounce) 31.27 28.51 -8.81%
6 US Midw est Hot Rolled Coil Steel (USD per Ton) 670.00 630.00 -5.97%
7 Steel Billet (USD per Metric Ton) 486.75 402.00 -17.41%
8 Shangai Steel Wire Rod (Chinese Yuan per Metric Ton) 4195.00 3806.00 -9.27%
9 Aluminum (USD per Metric Ton) 2093.25 1941.00 -7.27%
10 Polypropylene (USD per Pound) 0.78 0.56 -28.14%
11 Film Grade HD Polyethylene (USD per Metric Ton) 1400.00 1285.00 -8.21%
12 Corn (US Cents per Bushel) 625.50 551.50 -11.83%
13 Coffee (US Cents per Bushel) 176.50 157.50 -10.76%
14 Sugar (US Cents per Bushel) 21.21 19.09 -10.00%
15 Cocoa (USD per Metric Ton) 2309.00 2063.00 -10.65%
16 Cotton (US Cents per Pound) 91.23 67.61 -25.89%
17 Soybean (US Cents per Bushel) 1493.50 1258.00 -15.77%
18 Soybean Oil (US Cents per Pound) 55.53 48.59 -12.50%
Price Change over the Previous Months

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3
FUELS
In May, Crude Oil prices declined by more than 20% while the Natural Gas price increased by 6.4%. Crude Oil is expected to reverse this
decline in the coming three quarters and Natural gas is forecasted to continue its upward trend.
Natural Gas
USD per Million British Thermal Units
Crude Oil
USD per Barrel
Source: Bloomberg, Corporate
Executive Board Research
Spot Rates are as of 06/01/2012.
2 Year Avg
92.15
40
50
60
70
80
90
100
110
120
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): -20.7%
Spot Rate: 83.23
Q2 2012: 101.50
Q3 2012: 104.00
Q4 2012: 106.00
Forecasts
2 Year Avg
3.72
0
1
2
3
4
5
6
7
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 6.4%
Spot Rate: 2.33
Q2 2012: 2.30
Q3 2012: 2.35
Q4 2012: 2.90
Forecasts

4. Finance, Strategy and Legal Practice
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4
COLOR METALS
All three metals: Gold, Silver, and Copper lost value in the month of May by 2.6%, 8.8%, and 13.4% respectively. However, all three metals
are expected to appreciate in value over the coming three quarters.
Copper
US Cents per Pound
Silver
USD per Troy Ounce
Gold
USD per Troy Ounce
Source: Bloomberg, Corporate
Executive Board Research
Spot Rates are as of 06/01/2012.
2 Year Avg
1515.25
800
1000
1200
1400
1600
1800
2000
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): -2.6%
Spot Rate: 1622.10
Q2 2012: 1675.00
Q3 2012: 1746.50
Q4 2012: 1831.50
Forecasts
2 Year Avg
383.18
200
300
400
500
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): -13.4%
Spot Rate: 331.35
Q2 2012: 375.00
Q3 2012: 380.00
Q4 2012: 390.00
Forecasts
2 Year Avg
30.98
5
15
25
35
45
55
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): -8.8%
Spot Rate: 28.51
Q2 2012: 31.60
Q3 2012: 34.30
Q4 2012: 35.50
Forecasts

5. Finance, Strategy and Legal Practice
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5
INDUSTRIAL METALS
In May, US Midwest Steel and Steel Billet prices registered a decrease of 6.0% and 17.4% respectively. At the same time, Shanghai Steel
Wire Rod price and Aluminum price also decreased by 9.3% and 7.3% respectively. Aluminum is expected to increase in value over the next
quarters.
Steel Billet*
USD per Metric Ton
US Midwest Hot Rolled Coil Steel*
USD per Ton
Shanghai Steel Wire Rod*
Chinese Yuan per Metric Ton
Source: Bloomberg, Corporate
Executive Board Research
* Forecast unavailable.
Aluminum
USD per Metric Ton
Spot Rates are as of 06/01/2012.
2 Year Avg
686.66
300
400
500
600
700
800
900
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
% Chg (1 mth): -6.0%
Spot Rate: 630.00
2 Year Avg
522.91
200
300
400
500
600
700
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
% Chg (1 mth): -17.4%
Spot Rate: 402.00
2 Year Avg
4428.73
3000
3500
4000
4500
5000
5500
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
% Chg (1 mth): -9.3%
Spot Rate: 3806.00
2 Year Avg
2359.69
1700
1900
2100
2300
2500
2700
2900
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): -7.3%
Spot Rate: 1941.00
Q2 2012: 2202.50
Q3 2012: 2300.00
Q4 2012: 2325.00
Forecasts

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6
POLYMERS
Film Grade HD Polyethylene*
USD per Metric Ton
Polypropylene*
USD per Pound
Source: Bloomberg, Corporate
Executive Board Research
Film Grade HD Polyethylene price decreased by 8.2% in May. Polypropylene price decreased by 28.1% in the same period.
* Forecast unavailable.
Spot Rates are as of 06/01/2012.
2 Year Avg
0.73
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
% Chg (1 mth): -28.1%
Spot Rate: 0.56
2 Year Avg
1300.73
900
1100
1300
1500
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
% Chg (1 mth): -8.2%
Spot Rate: 1285.00

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7
AGRICULTURAL PRODUCTS
Corn, Sugar, Coffee, and Cocoa prices decreased by 11.8%, 10.0%, 10.8% and 10.7% respectively in May. Cocoa price increased by 4.1%
during the same period, and is expected to extend these gains over the next three quarters. All four products are expected become expensive in
the future when with a forecasted decrease in the value of USD.
Sugar
US Cents per Pound
Corn
US Cents per Bushel
Source: Bloomberg, Corporate
Executive Board Research
Coffee*
US Cents per Pound
Cocoa*
USD per Metric Ton
* Forecast unavailable.
Spot Rates are as of 06/01/2012.
2 Year Avg
615.43
200
300
400
500
600
700
800
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): -11.8%
Spot Rate: 551.50
Q2 2012: 650.00
Q3 2012: 620.00
Q4 2012: 588.00
Forecasts
2 Year Avg
222.88
50
100
150
200
250
300
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
% Chg (1 mth): -10.8%
Spot Rate: 157.5
Q2 2012: 180.0
Forecasts
2 Year Avg
25.11
5
10
15
20
25
30
35
40
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): -10.0%
Spot Rate: 19.09
Q2 2012: 21.50
Q3 2012: 21.50
Q4 2012: 22.00
Forecasts
2 Year Avg
2767.74
2000
2500
3000
3500
4000
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
% Chg (1 mth): -10.7%
Spot Rate: 2063
Q2 2012: 2275
Forecasts

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8
Soybean
US Cents per Bushel
Cotton
US Cents per Pound
Source: Bloomberg, Corporate
Executive Board Research
Cotton price decreased by 25.9% in May but is forecasted to appreciate in the coming quarters. At the same time, Soybean Meal and
Soybean Oil prices also decreased by 12.5% and 15.8% respectively.
AGRICULTURAL PRODUCTS (Continued)
* Forecast unavailable.
Soybean Oil*
US Cents per Pound
Spot Rates are as of 06/01/2012.
2 Year Avg
115.04
0
50
100
150
200
250
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
% Chg (1 mth): -25.9%
Spot Rate: 67.61
Q2 2012: 87.0
Q3 2012: 87.5
Forecasts
2 Year Avg
1267.37
800
900
1000
1100
1200
1300
1400
1500
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): -15.8%
Spot Rate: 1258.00
Q2 2012: 1400.00
Q3 2012: 1350.00
Q4 2012: 1300.00
Forecasts
2 Year Avg
52.29
20
30
40
50
60
70
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
% Chg (1 mth): -12.5%
Spot Rate: 48.59

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© 2012 The Corporate Executive Board Company. All Rights Reserved
COMMODITY PRICES FORECAST
9Source: Bloomberg, Corporate
Executive Board Research
Commodity Q2 2012 Q3 2012 Q4 2012
Crude Oil (USD per Barrel) 101.50 104.00 106.00
Natural Gas (USD per Million British Thermal Units) 2.30 2.35 2.90
Gold (USD per Troy Ounce) 1675.00 1746.50 1831.50
Copper (US Cents per Pound) 375.00 380.00 390.00
Silver (USD per Troy Ounce) 31.60 34.30 35.50
US Midw est Hot Rolled Coil Steel (USD per Ton) NA NA NA
Steel Billet (USD per Metric Ton) NA NA NA
Shangai Steel Wire Rod (Chinese Yuan per Metric Ton) NA NA NA
Aluminum (USD per Metric Ton) 2202.50 2300.00 2325.00
Polypropylene (USD per Pound) NA NA NA
Film Grade HD Polyethylene (USD per Metric Ton) NA NA NA
Corn (US Cents per Bushel) 650.00 620.00 588.00
Coffee (US Cents per Bushel) 180.00 NA NA
Sugar (US Cents per Bushel) 21.50 21.50 22.00
Cocoa (USD per Metric Ton) 2275.00 NA NA
Cotton (US Cents per Pound) 87.00 87.50 NA
Soybean (US Cents per Bushel) 1400.00 1350.00 1300.00
Soybean Oil (US Cents per Pound) NA NA NA
Price Forecasts (Quarterly)

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The Quantitative Research Team has worked to ensure the accuracy of the information it
provides to the Corporate Executive Board members. This project relies upon data obtained from
many sources, however, and the Quantitative Research Team cannot guarantee the accuracy of
the information or its analysis in all cases. Furthermore, the Quantitative Research Team is not
engaged in rendering legal, accounting, or other professional services. Its projects should not be
construed as professional advice on any particular set of facts or circumstances. Members
requiring such services are advised to consult an appropriate professional. Neither Corporate
Executive Board nor its programs are responsible for any claims or losses that may arise from
any errors or omissions in their reports, whether caused by Corporate Executive Board or its
sources.
Professional Services Note
Mayank Prakash Senior Associate
David Lee Senior Analyst
Oleg Polishchuk Senior Director
Michael Griffin Executive Director