Blackrock Commodities Income Investment Trust saw its net asset value (NAV) per share rise 35.1% in the six months to 31 May to 105.46p from 80.25p at the end of November 2008, though it was still lower than the 183.92p seen at the end of May 2008.

Since the end of the reporting period the NAV per share has fallen by 10.9%, the company said.

"There is no doubt that sentiment has improved since the commodity market's nadir in the final quarter of 2008. Demand, however, remains weak for most commodities. The Investment Manager is, therefore, reasonably cautious about the near term outlook. The summer months in particular can be poor in terms of metal demand in the northern hemisphere," the company said, adding that over the longer term the outlook is more positive.

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