India.

India: Although India has the potential to influence commodity markets in the future, it will be many years More India's raw material demand and commodity consumption approaches those of China due to its economic reliance on services rather than manufacturing. However, some analysts already

detect India's influence on the oil market due to the country's transportation needs. And in the metals sector, metal companies' investments in the country are expected to reach $86 billion in 2006, up from 7% at the start of 2004, according to Morgan Stanley. But in contrast to China's booming demand, India accounts for only 2% of the global demand for copper, aluminum and nickel. Citigroup estimates India's per capita steel consumption is 20% and 10% of China's and the US', respectively. Also, India maintains large supplies of iron ore, some coal types and bauxite. Also, India's aluminum and alumina capacities are forecast to increase 35% and 70%, respectively, by 2008, according to Morgan Stanley. However, India remains reliant on imports of copper concentrates, nickel and coking oil, with its demand for copper concentrates and nickel surpassing that of China.

Source: Wall Street Journal