OIL & GAS November 2017

Brent oil prices hit US$60 a barrel in the late October, its highest level since July 2015 after Saudi Arabia and Russia declared their support for another nine-month extension of OPEC-led output cut deal beyond March 2018. Furthermore, West Texas Intermediate (WTI) crude futures reached US$54.15 a barrel in October, the highest since February.

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LNG November 2017

After a strong start, October LNG spot prices plateaued mid-month as spot demand from China eased, and December delivery forward contracts remained weak, due to an expectation of warmer weather.

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METALLURGICAL COAL November 2017

The October spot price for premium low volatile HCC averaged US$182/t FOB Australia, down 11% from September, with prices steadily decreasing over the month, amid muted buying, to end October at around US$179/t.

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THERMAL COAL November 2017

The October spot price for premium Australian thermal coal averaged US$96/t FOB Newcastle, down 1.0% from September. The price gradually increased up to ~US$100/t at the end of October, from US$89/t at the beginning of the month.

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IRON ORE November 2017

The iron ore spot price (CFR China, 62% Fe fines) declined for the second consecutive month, falling by 13.6% month on month to average US$61/t.

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STEEL November 2017

Chinese domestic rebar and HRC prices declined from their recent six-year highs, averaging US$594/t and US$618/t respectively. In early October prices rose following the Golden Week holidays as market participants began restocking inventories.

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COPPER November 2017

The month-average copper price rose 3.5% in October to US$6,808/t (US$3.09/lb) reaching its highest level since September 2014. October was the fifth consecutive month in which the monthly average increased.

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NICKEL November 2017

The LME price rose strongly over October to finish the month at over US$5.50/lb. LME stocks remain stable while SHFE stocks continue to decline. Chinese port stocks continue to grow as Indonesia increases ore export permits.

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ZINC & LEAD November 2017

In October, the zinc cash price averaged US$3,265/t (US$1.48/lb), 4.7% higher than the September average. At the end of October, deliverable LME and SHFE stocks covered only 4.2 days of annual demand. The forecast refined zinc deficit for 2017 has been increased by 185kt to 735kt.

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ALUMINIUM November 2017

Alumina prices are at their highest point since 2014, reaching over US$470/t at the end of October. China capacity control and strong prices may generate interest in non-China asset development or sales.

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