Table of Contents
Earnings outlook improves............................................................... 3
A positive move ........................................................................................................................3
Commodity review............................................................................ 5
Discounting a “perfect” future?....................................................... 9
Cracking half year….will the second half crack? .......................................................................9
The commodity outlook.................................................................. 14
Industrial Minerals – China Satiated ........................................................................................14
Copper ...................................................................................................................................17
Aluminium..............................................................................................................................19
Nickel .....................................................................................................................................21
Zinc ........................................................................................................................................23
Lead .......................................................................................................................................24
PGM market update................................................................................................................26
Platinum .................................................................................................................................30
Palladium................................................................................................................................32
Rhodium.................................................................................................................................34
Bulk commodities – changing trade structures.......................................................................36
Economic watch .............................................................................. 39
Recovery ahead ......................................................................................................................39
Equities summary............................................................................ 40
Antofagasta...................................................................................... 44
BHP Billiton ...................................................................................... 46
Boliden.............................................................................................. 48
ENRC................................................................................................. 50
Ferrexpo Plc ..................................................................................... 52
Kazakhmys ....................................................................................... 54
Lonmin.............................................................................................. 56
Norsk Hydro ..................................................................................... 58
Nyrstar.............................................................................................. 60
Rio Tinto ........................................................................................... 62
Vedanta Resources.......................................................................... 64