The S&P 500 was flat WoW at 2,582, whereas the S&P 500 M&M declined1% WoW to 107. Within commodities, aluminum declined the most (-3%WoW), followed by nickel (-2%) and copper (-2%) on subdued ChinaOctober trade data. Iron ore rose 4% on strong demand from steel mills inEast and South China which remain unaffected by government’s latestpollution cuts due to their distance from Beijing. Coking coal rose 3%, inpart, due to prolonged vessel delays at Australia’s primary coal exportingport.    Aluminum & Specialty Metals equities decreased 7% WoW, outpacing thedecline in aluminum price (-3% WoW). Steel & Service Centers equitiesdeclined 2%, despite 2% upward move in US-HRC price. Industrial Metalsequities segment was up 1% on higher bulk commodity prices, despitelower Chinese import data. Precious Metal equities remained flat (in-linewith gold and silver prices).    Within Aluminum & Specialty Metals equities, Allegheny Technologies fell15% WoW largely in-line with dilution impact of 17m share equityissuance. Amongst Steel & Service Centers equities, Nucor slid 4%,despite announcing $40/st plate price hike. Within Industrial Metalsequities, First Quantum rose 8% despite a declining copper (-2%). AmongPrecious Metals equities, Kinross increased 8% following 3Q17 results.

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