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