Correction likely before
gradual recovery 3
HSBC commodity price
forecasts 6
Commodities forward curve 7
Commodities consumption
trends 8
Macro indicators 10
HSBC equity indices
performance 12
China demand indicators 13
Aluminium: Rally ignites
restarts 16
Alumina: Surplus to persist 24
Copper: The invisible surplus 30
Ferrochrome: No pain, no
gain 38
Nickel: Market tight, but not
forever 44
Zinc: There could be
tightness ahead 52
Iron ore: Fuelling the
Chinese furnaces 58
Coking coal: Potential
structural shortages 62
Thermal coal: China imports
hit record high 64
Disclosure appendix 70
Disclaimer 73