Focus: Aluminium: modelling the future ............................................................................................ 3
Consumption indicators ......................................................................................................................11
BASE METALS .............................................................................................. 15
Aluminium..............................................................................................................................................16
Copper ....................................................................................................................................................20
Lead .........................................................................................................................................................25
Nickel.......................................................................................................................................................30
Tin ............................................................................................................................................................34
Zinc ..........................................................................................................................................................36
PRECIOUS METALS .................................................................................... 41
Gold .........................................................................................................................................................42
Silver ........................................................................................................................................................46
Platinum .................................................................................................................................................48
Palladium ................................................................................................................................................50
DATA ............................................................................................................. 53
Chinese Physical Market ......................................................................................................................54
Cost indicators.......................................................................................................................................57
Base metal stocks .................................................................................................................................58
Prices .......................................................................................................................................................60
Trade recommendations .....................................................................................................................67
Base metal LME cash price forecasts ................................................................................................69
Precious metal spot price forecasts ...................................................................................................70