Industrials (/lb): aluminum $0.97(+0.1%), copper $3.24(+3.7%), lead $1.15(+0.4%), molybdenum $7.14(+0.0%); nickel $5.38(+1.6%); zinc $1.45(-1.3%);    Precious (/oz): gold $1,295(-0.7%), silver $17.23(-1.1%); Steel (/mt): ChinaHRC $645(+2.9%), SHFE Rebar $579(+2.4%), MB Scrap Index $295(-3.2%);    Bulks: iron ore (/dmt) $63(+0.7%), coking coal (/mt) $182(-0.1%), freight (BCI)2,980(+3.8%); Energy: Brent (/bbl) $57.82(+1.1%), WTI (/bbl) $51.87(+0.8%),natural gas (/mmBtu) $2.95(-1.8%), thermal coal (/t) $93(+0.2%).。    World Steel Association (WSA) expects global steel demand to rise 2.8% YoY(vs. April outlook for +1.3%) to 1.62bn tons in 2017and +1.6% (vs. 0.9%) to1.65bn tons in 2018. WSA sees best balance of risks since WFC. Chineseconsumption to be up 3.0% YoY (or 12.4% unadjusted) at 766m tons in 2017and flat in 2018, as government resumes its economic rebalancing efforts andstrengthens environmental protection. The US economic fundamentals remainrobust supported by strong consumer spending and rising businessconfidence, with demand set to rise 4.8% (DBe 4.0%) to 96m tons in 2017and1.1% (2.5%) to 97m tons in 2018. (WSA, DB)。    Demand for copper could be boosted by Electric Vehicles (EV), which require3-4x more copper compared to traditional fossil-fuel powered vehicles. Severalfactors are driving the price right now, from rising PMI’s globally to China’sstrong imports. Copper price is up 3.7% DoD to $3.24/lb. In September, Chinaimported 430kt refined copper (+10% MoM) and 1.5mt of copper concentrates(+2%). International Copper Association expects copper demand from EV’s torise from 185kt today to 1.74mt by 2027, with fewer deposits beingdiscovered. (Mining.com)。    Crude steel output at members of China Iron & Steel Association (CISA)averaged 1.87mt/day during Sept 21-30(+1.1% sequentially, +8.9% YoY).Finished steel inventory at mills totaled 12.1mt (-4.9%, -7.2%). CISA estimatedChina’s total output at 2.4mt/day (+1%, +5.5%). Output in October is expectedto drop as steel mills have begun production cuts. (SBB)。    NA Service Center steel shipments increased to 3.4m st (+1% MoM on daysadj.basis, flat YoY) in September. Inventories rose 75kt (+1% MoM) to 9.0m st(+3% YoY), vs. 10-year avg. decline of 96kt, implying 2.6months of supply(+0.3MoM). US SC shipment trend remains stable, up 3% YTD to 29.6m st,including flat products of 22.5m st (+2% YoY), longs (3.9m st, +10%), stainless(1.4m, +4%) and pipe/tubes (1.7m, -5%). (MSCI)。    SQM announces end of conciliation stage in arbitration process related toSalar of Atacama. The conciliation stage has concluded without an agreementbetween SQM and CORFO, hence the arbitration is expected to continue itsnormal course. SQM remains convinced that it has fulfilled its obligations inthe contract and expects to reach an agreement which will be beneficial toboth parties. (Company)。

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