Base Metals Supply outlook in 2013 ................................................................................................ 2
Consumption indicators ................................................................................................................... 13
Base Metals ............................................................................................ 16
Aluminium .......................................................................................................................................... 17
Copper ................................................................................................................................................. 21
Lead ...................................................................................................................................................... 26
Nickel ................................................................................................................................................... 31
Tin ......................................................................................................................................................... 35
Zinc ....................................................................................................................................................... 37
Precious metals ..................................................................................... 42
Gold ...................................................................................................................................................... 43
Silver ..................................................................................................................................................... 47
Platinum .............................................................................................................................................. 49
Palladium ............................................................................................................................................ 51
Data ......................................................................................................... 53
Chinese physical market ................................................................................................................... 54
Cost indicators ................................................................................................................................... 58
Base metal stocks ............................................................................................................................... 59
Prices .................................................................................................................................................... 61
Trade recommendations .................................................................................................................. 68
Base metal LME cash price forecasts ............................................................................................ 70
Precious metal spot price forecasts ............................................................................................... 71