A strong start 4
Aluminium: Still a western
problem 8
Copper: Entering a fourth
balanced year 16
Nickel: Market is moving to
balance 24
Zinc: How opportunistic are
Chinese smelters? 32
Ferrochrome: Price surge on
steel re-stocking 38
Iron ore: A Q1 recovery – is it
real? 44
Metallurgical Coal: A market
well-supplied 50
Thermal coal: Supply
continuing to ease 54
Commodities consumption
trends 58
HSBC equity indices
performance 60
China demand indicators 61
Disclosure appendix 65
Disclaimer 67