Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 June 2012 and unaudited.

Performance at month end with net income reinvested

                        One    Three      Six      One     Three     Five
                      Month   Months   Months     Year     Years    Years
Net asset value        4.4%    -8.3%    -7.7%   -20.5%     35.1%     6.3%
Share price            4.5%    -8.7%    -3.5%   -19.7%     35.3%    16.9%

Sources: Datastream, BlackRock

At month end:
Net asset value - capital only:     113.92p
Net asset value - cum income**:     114.27p
Share price:                        117.25p
Premium to NAV (cum income):           2.6%
Net yield:                             5.0%
Gearing - cum income:                  0.9%
Total assets^^:                    £107.79m
Ordinary shares in issue:        93,508,000

**Includes net revenue of 0.35p.
^^includes current year revenue.

Sector                   % Total     Country                   % Total
Analysis              Cap Assets     Analysis               Cap Assets

Integrated Oil              26.5     Global                       28.1
Exploration & Production    17.8     Canada                       23.5
Diversified                 17.3     USA                          20.9
Copper                       6.2     Latin America                 7.6
Gold                         5.3     Asia                          6.8
Iron Ore                     4.8     Europe                        6.2
Oil Services                 4.8     South Africa                  4.6
Oil Sands                    4.3     Australia                     1.7
Fertilizers                  3.0     China                         1.5
Coal                         2.6     Africa                        0.9
Distribution                 2.4     Current liabilities          (1.8)
Aluminium                    2.2                                 -----
Nickel                       1.6                                 100.0                               
Tin                          1.5                                 =====
Platinum                     0.8
Zinc                         0.7
Current liabilities         (1.8)
                           -----
                           100.0
                           =====

Ten Largest Equity Investments (in alphabetical order)
Company                      Region of Risk

Anadarko Petroleum              USA
BHP Billiton                    Global
Chevron                         Global
ExxonMobil                      Global
Kumba Iron Ore                  South Africa
Occidental Petroleum            USA
Peyto Exploration & Development Canada         
Rio Tinto                       Global
Total                           Global
Vale                            Latin America

Commenting on the markets, Richard Davis, representing the Investment Manager
noted:

In June, markets continued to oscillate around macro-economic developments. 
Key announcements included a 0.25% rate cut by the Chinese government, a
conclusive outcome to the Greek election and expectations of some constructive
political policy from the EU summit.  Towards the end of the month expectations
of further economic stimulus drove a relief rally in commodity equities. 

Both Brent oil and WTI trended lower over the month falling by 7.4% and 1.7%
respectively.  Brent crude, typically used as the benchmark for European,
African and Middle Eastern energy markets, continued its decline on high Saudi
Arabian production levels and a softening demand outlook.  Saudi Arabia
maintained the elevated levels of production evidenced for much of the year at
10.0 mb/day.  Natural gas prices rose for a third consecutive month boosted by
a fall in drilling for Natural Gas and a heat wave across North America.  The
MSCI World Energy Index closed the month up 3.6% (in Sterling terms).

In the mining sector, trade data released during the month painted a more
robust picture for commodity consumption than many had feared. Iron ore imports
into China posted a 10.7% increase in May month-on-month and were 19.8% higher
year-on-year (Source: UBS).  Chinese coking coal imports were similarly healthy
and among the base metals copper consumption was a notable area of strength.  A
rise in copper imports combined with a drop in copper inventories in China -
copper inventories on the Shanghai Futures Exchange fell by 10% to their lowest
level in 4 months (Source: RBS) - created a strong backdrop for the metal,
which enjoyed a 3.5% gain in June.  The HSBC Global Mining Index closed the
month up 2.0% (in Sterling terms).

13 July 2012


ENDS

 

 

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