SUMMARY

Copper:  Copper “financing” issues slowing demand, but other countries improving (demand).

Nickel:  Mirabela Nickel – revived from administration, but shareholders bypassed.

Zinc & Lead:  Zinc market beginning to tighten on foreshadowed supply closures.

Tin:  Tin has strong fundamentals, but is a small market.

Aluminium:  Alcoa expanding into aerospace.

Gold:  Commodity “financing” issues seeping into gold markets in China.

Platinum & Palladium:   Return to work for South Africa.

Oil:  Iraq’s Supreme Court proves independence.  Rejects Government’s injunction against Kurds.     .

Coal: HCC settled for Sept 14 Qtr.

Iron Ore:  Ore prices lifting from bottom.  BHP & AGO layoffs.  Brazilian shipments at high levels.

Shipping:  Cape-size freight rates to double.    .

General

Gold:  Reserves & Relationships.

USA:  Durable Goods Orders, Vehicles Orders, Electronics Orders:  all slow growth.

Japan: Electricity demand down in May.