Summary

Copper – Copper purchases by the China’s State Reserve Bureau.  Metals consumption growth to continue.

Nickel – Concerns regarding Russia and Ukraine are pressuring the nickel market.

Zinc & Lead – Zinc consumption in China to continue.  Idle smelters to be reopened.

Tin – Tin exports from the Congo to resume on a conflict-free basis.

Aluminium – FDI into Indonesia suffered a sharp downturn in the March Qtr.

Gold – Prices increased on intensifying conflict between Ukraine and Russia.

Platinum & Palladium – New talks failed to break the impasse between miners and workers yet.

Oil – Baker Hughes will disclose all chemicals it uses in fracking to increase public trust.

Coal – Met-coal market seeing some improvement.  China’s imports of thermal coal increased.

Iron Ore- Chinese iron ore importers deny being under pressure from banks.

Shipping – Shipping markets showing some improvement.

General

OECD Composite Leading Indicators suggest little growth globally though forecast increased growth rates in Asian and emerging countries within the next 6-9 months.

Global steel production in March was 141.3 Mt with +1.4% mo-on-mo increased avg daily growth.