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1 ALUMINIUM Japan P1020A cif Shanghai P1020A in-whs MJP spot premium unchanged in quiet market, adequate stocks in Japan. LME cash/aug was at $9/t contango compared with $54/t backwardation on July 20 and $60/t backwardation on July 17. LME cash/3-month spread was at $20.50/t contango. Primary aluminium stocks at the three main Japanese ports of Yokohama, Nagoya and Osaka rose 8% month on month in June to 306,900t according to Marubeni data. Q3 MJP settled at $132/t in June, more than 40kt deals reported. Caution remains due to uncertainty around US sanctions against Rusal, with Japanese banks still reluctant to finance Russian metal. Premium stable, big import loss and high stock continue to deter spot transactions. Market unfazed by recent LME spreads backwardation. Importers stood to lose $ /t on July 23 to bring the metal into the country, and the monthly average loss for June was $534.51/t. SHFE aluminium stocks decreased 6,107t to 911,548t week on week as of July 20. Shanghai P1020A cif See aluminium ingots Shanghai bonded. Shanghai P1020A cif See aluminium ingots Shanghai bonded. Taiwan P1020A cif Singapore P1020A fob Republic of Korea P1020A cif MKP duty-free See cif MKP range. Republic of Korea P1020A South Korea duty-free fca Malaysia P1020A fob Republic of Korea P1020A cif South East Asia P1020A warrants in-whs Premium unchanged, one deal heard at $95 for t. Bid for $80 was reported but no transaction heard at this level. Liquidity in market has been limited, with sources saying recent backwardation left market with wide range of prices. Many buyers preferred to buy hand-to-mouth, as most contracts were done on long-term basis. Premium unchanged due to limited physical demand, lack of deals and offers heard in spot market. Premium stable, demand thin. Bid heard at $95, offer reported at $110. Assessments ranged from $ but no transactions reported. Premium unchanged due to limited physical demand, lack of deals and offers heard in spot market. Premium unchanged, limited demand heard. Bid reported at $80 against offers of $ Wide range of assessments heard, from $80-$135, as market saw spread swing to contango, but no transactions reported. Premium stable, volatile fundamentals continue to deter spot interest. Assessments remained mostly within range, with spot activity thin. Backwardation in nearby LME spreads has disappeared. Re-emergence of sanction-related volatility pushing aluminium's LME 3M price back toward $2,100/t Total live stocks down 41,875t from a week ago. East Asia P1020A warrants in-whs See Southeast Asia aluminium warrants. Antwerp P1020A in-whs DUP Antwerp P1020A in-whs DP Vlissingen P1020A in-whs DUP See Antwerp duty-unpaid. Vlissingen P1020A in-whs DP See Antwerp duty-paid. Italy P1020A fca DP Premium moves lower in line with Rotterdam duty-unpaid premium. Antwerp still seen by most as $2/t below Rotterdam premium on top end due to higher costs. Premium unchanged in line with Rotterdam duty-paid premium. Top end of Antwerp range seen $2/t below Rotterdam premium due to higher costs. Premium unchanged, nearby LME spreads have moved into contango from persistent backwardation, which was putting market under pressure in recent weeks. Some market participants now able to achieve business above range for small parcels. Traders expect premium to rebound in August despite expectation of more metal arriving during next few weeks. Spain P1020A fca DP Premium unchanged, little activity reported. JULY 24, 2018 IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

2 ALUMINUM (cont'd) Turkey P1020A cif DUP Rotterdam P1020A in-whs DUP Rotterdam P1020A in-whs DUP See above. Rotterdam P1020A in-whs DP Premium edges lower, remains under pressure as Europe aluminium premiums in Rotterdam continue to fall. Quiet market continues with lack of business reported. Premium moves down despite LME spreads swinging to contango. Regular offers now being received in mid-$60s, some participants heard accepting those offers. Despite falling premium, participants expect rebound, hence higher assessments and offers. Resolution on US sanctions against Rusal could be reached, with US government open to lifting sanctions. Nearly 46,000t of aluminium canceled in Rotterdam so far this week. Range steady, sentiment changes on back of LME spreads swinging back into contango. Participants now offering at upper end of range and higher. However, range stays unchanged for now due to lack of liquidity, with participants sidelined while awaiting clarity on spreads. Some participants see slightly lower premium for now but expect bullish trend to materialize soon. United States P1020A warrants in-whs Detroit warehouse stocks closed at 45,075t, with 34,950t on warrant. Midwest United States P1020A dlvd DUP cents/lb cents/ lb Range rises, though no sales reported. Spot demand slow, with many market participants on vacation. However, alleviation of backwardation on London Metal Exchange has allowed some sellers to charge premium that meets or exceeds base replacement cost - said to be about 20.5 cents/lb. Brazil P1020A dlvd Increase in aluminium stocks spurs drop in premium. Brazil P1020A cif Premium unchanged, market quiet. COPPER Shanghai grade A in-whs See Shanghai, grade A, in warehouse. Shanghai grade A in-whs Premium rises at upper end, LME Aug-Sept spreads remain in contango - last at $9.5/t - reducing selling pressure.sellers gaining confidence as LME contango widens. Market eyes Escondida labor negotiations for price direction. Shanghai grade A ER in-whs See Shanghai, grade A, in warehouse. Shanghai grade A SX-EW in-whs See Shanghai, grade A, in warehouse. Shanghai grade A cif See Shanghai, grade A, cif. Shanghai grade A cif Shanghai grade A ER cif See Shanghai, grade A, cif. Shanghai grade A SX-EW cif See Shanghai, grade A, cif. Republic of Korea grade A cif South East Asia grade A cif Japan grade A cif Taiwan grade A cif Republic of Korea grade A cif Premium edges up at higher end, import losses between SHFE and LME narrowed to $36.57/t vs $68.35/t a week ago. See South Korea, copper premium, grade A, cathode, cif, low-high, $ per tonne. Premium narrows downward, deals reported cif Vietnam and Thailand below $80/t. Trends are in line with weakening copper premiums in China. Still, regional supply remains tight, units being diverted to India following Sterlite outage. On-warrant LME stocks in Port Klang fell by 2,350t from a week ago to 10,075; on-warrant LME stocks in Singapore fell by 2,025t from a week ago to 32,200. Premium stable, market quiet, limited demand for overseas units. Spot availability still thin as duty-free Japanese cathodes continue to flow into India, which has sought material following shutdown of Tuticorin smelter. PPC s Saganoseki smelter is said to have resumed operations after two-week shutdown. Premium unchanged, buyers seek premium below $70/t but offers are higher. Live stocks in Kaohsiung rose by 300t from a week ago to 13,225t. Inquiries for cathodes heard, but no deals reported this week. Demand for off-grade copper units remains solid, with tonnages being diverted to China at slightly higher premium. On-warrant LME stock stood at 11,725t in Busan, unchanged from a week ago. IT IS A VIOLATION OF METAL BULLETIN COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 2

3 COPPER (cont'd) South East Asia grade A warrants in-whs East Asia grade A warrants in-whs See Southeast Asia warrants. Rotterdam grade A cif Premium narrows at high end, business reported within range, with both transactions favoring lower end and middle of range. Tightness in LME copper spreads has eased, with selling pressure subsequently easing as result. Copper s 3M price beginning to rally against trade tensions and supply concerns, finding support above $6,200/t after falling below the level last week for the first time in just under a year. Total on-warrant stocks for Asia are down 4,075t since last week. Premium picks up in spot market following drop of copper price, return of contango in LME 3M spreads. Bids and deals are reported at a wider range of low-$40s and mid-$50s this week as buyers stock up for pre-holiday production. On-warrant LME stock in Rotterdam down by 250t from a week ago to 10,400t. Italy grade A cif See Leghorn, copper premium, cif, low-high. Germany grade A dlvd Leghorn grade A cif North Europe grade A warrants in-whs Southern Europe grade A warrants in-whs See North Europe warrants. Midwest United States grade A DDP cents/lb cents/lb United States grade A warrants in-whs LEAD India 99.97% cif India 99.99% cif South East Asia 99.97% cif South East Asia 99.99% cif Taiwan 99.97% cif Taiwan 99.99% cif See lead min 99.97%. South East Asia 99.97% warrants in-whs East Asia 99.97% warrants in-whs See Southeast Asia warrants. Rotterdam 99.97% fca DP Rotterdam 99.99% fca DP Premium remains high, several thousand tonnes reported sold within range despite quiet summer season. LME s total on-warrant stock down 4,250t from a week ago to 221,725t as of Tuesday. Copper premium rises, Italian consumers stocking up for production ahead of three-week plant closure next month. LME 3M copper price has lost 7.5% since beginning of July to open at $6,136/t on Tuesday. There was no on-warrant LME stock in Leghorn as of Tuesday. Premium stable, widening C/3M spread now at $27.50/t contango - easing selling pressure. Assessments remain broadly within range, demand continues to be thin against supply concerns at BHP's Escondida mine in Chile. Live copper stocks in Europe down 850t this week. Market in midst of seasonally slow period, preventing increase in premium. Copper participants warn that trucking issue likely to be unresolved for remainder of year, premium likely to be stagnant until Sept. Demand remains solid; little market worry that tariffs will directly impact copper. Total CME warehousing stocks dipped to 213,738 short tons, down around 4,000 short tons from a week ago. Premium firm as traditional supply dries up. Iranian units again becoming scarce. Offers for ingots from Europe and duty-free East Asian countries over $100/t. Premium unchanged, LME 3M lead price drops again, hitting one-year low of $2,090/t on July 19. Price was $2,160/t on Tuesday afternoon. Premium unchanged, market well covered under long-term contracts. Supply from Iran remains restricted following currency drop in April. Occasional shipment delays heard but not causing significant impact. Premium stable, limited spot market activity. Asian markets eyeing continued lead imports into China with arbitrage window still opened. Ingots from Australia, South Korea and Kazakhstan reportedly being shipped to China. Premium flat, few deals reported. Buyers mainly rely on long-term contracts for supply. Premium stable, quiet market conditions persisting. LME 3M price has dipped to around $2,175/t this week, continues to face pressure from environmental crackdowns in China and escalating global trade tensions. LME C/3M spread has widened to $21.50 contango from $18/t contango last week. Premium unchanged, minimal spot trading. Secondary material remains well supplied in Europe despite dwindling primary stocks. Supply remains tight in Europe, with limited availability of spot tonnages. Producer Recylex undergoing hot-commissioning phase to bring new reduction furnace online at Weser-Metall smelter in Germany. IT IS A VIOLATION OF METAL BULLETIN COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 3

4 LEAD (cont'd) Italy 99.97% fca DP Premium stable ahead of summer lull. North Europe 99.97% warrants in-whs Southern Europe 99.97% warrants in-whs See North Europe warrants. United States 99.97% warrants in-whs No reported tonnes in the US. Midwest United States 99.99% DDP cents/lb cents/lb Premium stable, market participants report quiet conditions. Spot activity remains thin, while escalating trade tensions and environmental crackdowns in China continue to pressure lead s 3M price, keeping it below $2,200/t. Live lead stocks in Europe are up 300t this week. Premium fixed to tight range during slow summer months. Market participants agree that demand is solid, with car sales bolstering industry. Midwest United States 99.97% DDP 9-11 cents/lb 9-11 cents/lb See rationale for lead premium 99.99% purity. NICKEL Shanghai 99.80% in-whs See Shanghai in-warehouse low-high. Shanghai Full plates in-whs Shanghai 99.80% cif See Shanghai, cif, low-high. Shanghai Full plates cif South East Asia briquettes warrants in-whs Import arbitrage between most-traded contract on Wuxi and threemonth contract on LME turned positive, hovered at around $23-45/t during the week. Deliverable nickel stocks dropped 2,331t - or 10% - to 21,358t as of July 20. Premium edges up, deals heard were within range. Q3 Nornickel full plates have been offered at $170/t, some trading houses negotiating for long contract price. Cash/3M at LME sat at healthy contango of $99/t on Tuesday. Premium stable, market participants reporting low demand and availability. Business reported in middle of range, with nickel s LME 3M price drifting towards $13,700/t. Live on-warrant nickel stocks down 1,710t from a week ago. East Asia briquettes warrants in-whs See Southeast Asia briquettes warrants. South East Asia Full plates warrants in-whs Premium stable, one offer seen slightly below range but most assessments remain above $110 mark. Some participants have reported lower demand, while ongoing outflows and cancellations of material running counter to LME C/3M contango of nearly $99/t. Nickel's 3M price continues to face pressure from US-China trade tensions, drifts toward $13,700/t. East Asia Full plates warrants in-whs See Southeast Asia full-plate warrants. Rotterdam Full plates in-whs Rotterdam 4x4 cathodes in-whs Rotterdam briquettes in-whs North Europe Full plates warrants in-whs Midwest United States 4x4 cathodes DDP cents/lb cents/lb Midwest United States briquettes DDP cents/lb cents/lb Premium steady in quiet market. Higher financing rates and participants looking to avoid carrying metal through summer have put pressure on premium in recent weeks. Premium holding steady, with a number of traders noting that market has hit seasonal quieter period. Queues to cut metal have formed again, with fewer shifts due to summer holiday also supporting premium. Cutting costs assessed higher to $ /t. Premium flat after previous week's decline. LME live Rotterdam nickel stocks down to 42,096t from 42,960t. LME 3M price steady around $13,500/t. Premium stable, wide contango in LME spreads remains in place despite market reports of lower demand this week, while ongoing stock outflows continue to pressure market. Trade tensions have added further pressure to outright prices, keeping nickel's 3M price below $14,000/t. Nickel's C/3M spread in $99/t contango, up from $97.50 last week. Live LME nickel stocks in Europe fell by total of 864t this week. Premium entrenched at current level, supported by ongoing supply tightness for material. Declining LME prices have yet to weigh on premium given tight supply. Premium unchanged amid lackluster spot market demand during summer lull. Plentiful inventories have some market participants suspecting potential for premium weakness. IT IS A VIOLATION OF METAL BULLETIN COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 4

5 TIN Shanghai 99.85% cif Shanghai 99.9% cif See tin, 99.85%, Shanghai, cif. Shanghai 99.9% cif See tin, 99.85%, Shanghai, cif. Premium flat on closed import window, abundant domestic supply. SHFE tin stocks fell by 299t or 4% - to 7,288t on July 20. Taiwan 99.9% cif Premium steady on unchanged fundamentals. Singapore 99.9% in-whs Singapore 99.9% low lead in-whs South East Asia min 99.85% warrants in-whs Rotterdam 99.85% in-whs Rotterdam 99.9% in-whs Rotterdam 99.9% low lead in-whs Baltimore 99.85% in-whs Midwest United States 99.85% ASTM dlvd ZINC India SHG cif DP India SHG cif DUP Range remains on either side of flat LME prices. Some market participants see range upward of $25, but no business reported at this level. Elsewhere, frequent reports of summer slowdowns weighing on tight tin market, in addition to general risk-off sentiment keeping spot activity thin. Some participants have reported dominance of PT Timah and Refined Bangka Tin (RBT) in market, creating difficulty for rest of market, while others see stability in positive outflows of Indonesian material. Meanwhile, demand has reportedly picked up in July after slow June, with tin's 3M price trading upward of $19,500t. Premium stable, participants continuing to report bulk of business in long-term contracts, with summer months contributing to diminished spot activity. Premium unchanged, assessments remain broadly within range. Participants report abundance of Malaysian MSC material still dominant in LME stocks. Bolivian ENAF material recently delivered into Europe has been largely cleared out. LME live stocks down 10t this week, with canceled stock down 195t. LME C/3M spread has widened to $85/t backwardation from $65/t backwardation a week ago, prompting producers and traders to lock in cash prices on LME. Recent surge in Indonesian exports continue to weigh on sentiment, with LME 3M tin price trading at $19,500/t. Quiet market conditions reported. Wider market continues to be represented by mostly MSC material, while brand distinctions continue to weigh on market. Market participants have reported better volumes in recent weeks, with encroaching holiday season adding to widespread bargain hunting. Some participants expect market to pick up at end of Aug. Premium stable, most assessments within range. Participants are seeing market above $300 mark, with slightly stronger demand and outright tin price as result. Consumers remain well covered and reluctant to add stocks in slow summer period, but lower prices continue to prompt bargain hunting. LME C/3M backwardation widened to $85/t from $65/t a week ago; LME 3M price up slighty above $19,500/t. Premium for sub-100ppm lead content stable on abundant supply, thin spot inquiries. Some market participants have reported rising dollar interest rates and tight shipping space impacting premiums. Elsewhere, macro pressure continues to weigh on outright tin price, with LME stocks falling by more than 4% on Tuesday morning. Premium unchanged on lack of spot activity as many market participants have taken vacation. Demand is weak, with many buyers sufficiently supplied by contracted volumes. Range unchanged, little activity due to vacations. Grade A supply abundant; low-lead tin remains tight. Premium flat, no deals reported. Domestic market well supplied with ingots. Premium unchanged, spot interest limited despite exchange price nosedive. LME 3M zinc price rebounds marginally, firming to $2,625/t on Tuesday afternoon from $2,513/t the prior week. Shanghai SHG in-whs See Shanghai premium, in-warehouse, low-high. IT IS A VIOLATION OF METAL BULLETIN COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 5

6 ZINC (cont'd) Shanghai SHG cif Taiwan SHG cif Shanghai SHG in-whs See Shanghai premium cif. Range moves up amid temporary opening of arbitrage window last week. Most bulk offers and deals reported within range, market activity increases. Arbitrage window open since July 17, with profit gains hitting nine-month high at $80.44/t on July 19. Metal Bulletin assessed Shanghai-bonded stocks down to 156, ,000t on July 2 from June s 207, ,000t. Sources confirmed there has been little change since beginning of July. SHFE zinc stocks dropped 3,933t to 54,083t week on week as of July 20. Premium lower on weak demand, long-term contracts. Backwardation for LME C/3M spread was at $25/t on Tuesday, further dampening buying interest. Spot deals thin, only one offer at $130/t. Singapore SHG in-whs See Singapore, in-warehouse, low-high. Singapore SHG fca Malaysia SHG in-whs See Singapore in-warehouse. Malaysia SHG fca South East Asia SHG cif Premium stable, limited demand heard in spot market. No bids reported, though offers ranged from $ Assessments placed at $120, but no trades. Mixed sentiment in market kept premium stable amid wide range of offers. No transactions reported, ample supply reportedly available in spot market. Backwardation in LME C/3M spread narrows to $23/t on Tuesday from $28/t a week ago. Spreads continue to pressure premium lower. Singapore SHG in-whs Premium unchanged due to lackluster demand, ample supply. Rotterdam SHG fca DP Premium flat, several deals reported within range. European spot business picks up as consumers look to stock up ahead of summer break, take advantage of lowest prices in a year. LME 3M backwardation widens to $31/t on Tuesday from $23.5/t a week ago. Zinc ingots totaling 19,100t delivered into LME warehouses in Antwerp on Monday. Antwerp SHG fca DP See Zinc SHG, DP fca, Rotterdam, $ per tonne. Italy SHG fca DP Italy SHG DDP See Zinc SHC, Italy, duty-paid, fca. North Europe SHG warrants in-whs United States SHG warrants in-whs Midwest United States SHG DDP cents/lb cents/lb Premium continues downward trend, several deals concluded at $145/t. Spot interest picks up ahead of summer break in Italy. No LME zinc stock in Leghorn as of Tuesday. Premium dives after 19,100t delivery into Antwerp on Monday ends downtrend in stocks there. Participants now reporting European stocks available through LME clearing. Live LME zinc stocks up 8,800t this week. Live New Orleans zinc stocks fall nearly 10,000t to 144,450t; total stocks at 165,450t. High freight costs keeping market supported. Strong demand, increase in inquiries reported for past few weeks. Premiums are paid on top of London Metal Exchange cash prices to acquire ownership or secure delivery of physical metal at an agreed location and date. Rates vary according to brand, specification, purity, tonnage, payment terms and warehouse operator. (Table compiled by Metal Bulletin and AMM Newsdesks) If you wish to export any Metal Bulletin prices to distribute to other people or input them into a company system you will require a data licence. Click here to find out more. Please do not forward this . View our terms and conditions for more information. IT IS A VIOLATION OF METAL BULLETIN COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 6