Industrials (/lb): aluminum $0.97(+0.8%), copper $3.12(+1.3%), lead $1.16(-0.3%), molybdenum $7.14(+0.0%); nickel $5.17(+2.3%); zinc $1.47(+1.0%);    Precious (/oz): gold $1,294(+0.2%), silver $17.25(+0.4%); Steel (/mt): ChinaHRC $626(+0.1%), SHFE Rebar $543(+0.4%), MB Scrap Index $307(+0.0%);    Bulks: iron ore (/dmt) $60(+0.7%), coking coal (/mt) $182(-0.3%), freight (BCI)2,859(-0.8%); Energy: Brent (/bbl) $56.25(-1.2%), WTI (/bbl) $50.60(-1.4%),natural gas (/mmBtu) $2.99(+3.5%), thermal coal (/t) $93(+0.0%).。    Zinc deficit widens by 30% YoY from Jan-Aug. Supply gap reached 287kt in2017(vs. 221kt in 2016), per International Lead and Zinc Study Group (ILZSG).Inventories declined by 274kt during the period. Chinese net imports of refinedmetal decreased by 5.3% YoY to 302kt, whereas imports of concentratessurged 39% to 714kt. Lead deficit reached 119kt, as inventories fell by 28ktand Chinese demand remained strong. (Mining Weekly)。    ArcelorMittal’s Steelton, PA mill (1mtpa) halts scrap purchases due tounplanned outage for repairs on furnace. It remains unclear how long furnacewill be down. The mill produces rails, ingots and blooms for railroad industryas well as open-die forgings for other industrial applications. (Argus Metals).。    Barrick announces gold production of 1.24m oz (-11% MoM, -10% YoY) andsales of 1.23m oz (DBe 1.29m oz) in 3Q17. Copper output totaled 115mlb(+17% MoM, +15% YoY), with sales at 107m lb (DBe 107m lb). Averagemarket price of gold was $1,278/oz and copper was $2.88/lb. Production isexpected to be higher in 4Q17(DBe 1.4m oz of gold and 123m lb of copper)with lower costs. YTD, gold production is 3.98m oz (vs. 4m oz in 9M16) andcopper output is 314m lb (unch YoY). (Company, DB)。    S&P Global Ratings upgrades Teck’s credit rating to BB+ from BB- andreaffirms stable outlook. Rating change is due to improving cash flow, drivenby higher prices for met coal, copper and zinc. Company has generatedC$2.5bn FCF for the past 3quarters, despite high capex and debt repayment.S&P expects adjusted debt to EBITDA ratio of 1x in 2017and below 2x in 2018,despite declining met coal price assumptions. (S&P Global Ratings)。    Alcoa’s Portland smelter, Australia (385kt) restored to full capacity, followinglast year’s power outage. Alcoa struck a 4-year power supply deal with AGLEnergy in January to secure the smelter’s future. (Mining Weekly)。    Hecla announces 3Q17production of 3.3m oz of silver (DBe 3.1m) and 63k ozof gold (DBe 61k). Gold production at Casa Berardi reached a record high of44k oz (DBe 41k), driven by increased throughput of 3.5kt/day (vs. 2.8kt/day in3Q16). Greens Creek output totaled 2.3m oz of silver (DBe 2m) and 12.6k oz ofgold (DBe 14.2k) on record throughput. San Sebastian production reached881k oz silver (DBe 81k) and 6.3k oz gold (DBe 6.1k). Lucky Friday productionfell to 88.3k oz silver (DBe 262k) as operations were reduced due to the strike,which has been going on since March 13, 2017. (Company, DB)。

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