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Bank Of America Merrill Lynch Announces 2013 Composition And Weights For The Merrill Lynch Commodity Index EXtra(SM)

Bank of America Merrill Lynch today announced the 2013 composition and weights for the Merrill Lynch Commodity index eXtra SM (MLCX). The MLCX is designed to provide a liquid, consistent, representative and cost-efficient benchmark for commodity market performance and for investment in commodities as an asset class. The MLCX contains the following six market sectors: Energy, Base Metals, Precious Metals, Grains & Oil Seeds, Livestock, and Soft Commodities & Others.

Bank of America Merrill Lynch constructs the MLCX based on the liquidity of the constituent futures contracts and the value of the global production of each underlying commodity. The MLCX also seeks to avoid redundant contracts and includes only the most liquid contract per commodity which is determined by volume and price. Based on these rules, the MLCX will include Brent crude oil and remove WTI crude oil for 2013. No other commodities have been added or removed. The commodity weights, which are determined by the Bank of America Merrill Lynch Commodities group pursuant to the MLCX Handbook, are listed below:

                                       

Commodity

2012

2013

Change

Brent 0.00% 34.19% 34.19%
Gasoil 12.61% 12.38% (0.23)%
Gasoline (RBOB) 12.19% 11.83% (0.36)%
Corn 5.57% 6.15% 0.57%
Wheat 5.86% 5.37% (0.49)%
Copper 5.28% 5.10% (0.17)%
Gold 3.50% 4.39% 0.89%
Soybean 2.99% 3.34% 0.35%
Aluminium 3.05% 2.87% (0.18)%
Sugar 2.95% 2.81% (0.15)%
Live Cattle 1.96% 1.99% 0.03%
Cotton 2.45% 1.65% (0.80)%
Natural Gas 2.58% 1.60% (0.98)%
Soybean Oil 1.42% 1.51% 0.09%
Coffee 1.28% 1.29% 0.01%
Lean Hogs 1.04% 1.01% (0.03)%
Nickel 1.13% 0.92% (0.21)%
Zinc 0.87% 0.81% (0.06)%
Silver 0.66% 0.79% 0.13%
Crude Oil (WTI) 32.63% 0.00% (32.63)%
 

Sector

2012

2013 Target

Change

Energy 60.00% 60.00% 0.00%
Grains 15.85% 16.37% 0.53%
Base metals 10.32% 9.70% (0.61)%
Softs 6.67% 5.74% (0.93)%
Precious metals 4.16% 5.18% 1.02%
Livestock 3.00% 3.00% 0.00%
 

Calculations by BofA Merrill Lynch Global Commodity Research Group; due to rounding, the change may not be equal to the difference between the figures shown.

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