EFTA01365034.pdf

3m Ms dod change support resistance Al $1927.75 -$7.5 $1925 $1945 Cu $6396 -$94 $6300 $6530 Zn $2178 -$13 $2150 $2200 Ni $16.450 -$225 $16.300 $17,100 Pb $1966 25 *328.75 $1975 $2010 The base complex was looking relatively strong in the morning on expected Chinese stimulus but traded down in the afternoon, reversing gains from the morning on a weaker dollar and lower oil. Copper prices saw modest gains in the morning reversing the gains at around 13:00 before coming off heavily in the afternoon, crashing through $6300. Australia's Bureau of Resource and Energy Economics is forecasting a 300 kMT copper surplus in 2015. China's Gansu province, the 4th largest copper producing region in the country increased it's output by 20% to around 93 KMT in October, however Shandong, the 3rd biggest copper producing region saw a drop in output from —101kMT to 96kMT. Rio Tinto sees the copper market entering deficit in 2018 on increased demand in electricity networks as they build and incorporate more renewable energy sources. BHP Billiton and Rio Tinto are amassing copper holdings in order to repeat it's iron ore strategy of squeezing out high cost producers. Their jointly owned Resolution project in Arizona could meet 25% of US copper demand on it's own, Escondida in Chile could produce 1mnMT/year —5% of world output. Nickel prices reached highs of $16860 this morning on news that First Quantum shut it's 38 kMT Ravensthorpe plant in Australia after a sulphuric acid spill and concerns that typhoon season in the Phillipines will lead to shortages in ore after being hit by typhoon Hagupit last week but followed the pattern of the base complex in the afternoon. Aluminium, Zinc and Lead prices followed the base complex, starting off higher before losing ground at 16:00. Shanghai Aluminium on warrant stocks are up 16.27% to 78.7 kMT. LME Aluminium on warrant stocks are flat at 2016kMT. Shanghai Copper on warrant stocks are up 18.57% to 18 kMT. LME Copper stocks are down 5% 144.2 kMT. LME Nickel stocks are up 0.27% to 307.5 kMT. ATM Copper Vols are down —0.83% in JAN, up —0.34% in the back, Ali Vols down -0.3% , Nickel vols are down 0.2, Lead and Zinc Vols unch Upcoming Data 15/12- US Empire Manufacturing- Survey 12, Actual -3.58, Prior 10.16 15/12- US Industrial Production MoM- Survey 0.7%, Actual 1.3%, Prior -0.1% 16/12-HSBC China Manufacturing PMI- Survey 49.8, Prior 50 16/12- Markit Eurozone Composite PMI- Survey 51.5, Prior 51.1 16/12- Markit Eurozone Manufacturing PMI- Survey 50.5, Prior 50.1 16/12- Markit US Manufacturing PMI- Survey 55.5, Prior 54.8 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055629 CONFIDENTIAL SDNY_GM_00201813 EFTA01365034