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COMMODITY NEWSBRIEFS:

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Natasha.Havenga@transnet.net

AUTOMOTIVE DAIMLER OPENS NEW REGIONAL CENTRE FOR TRUCKS, BUSES IN SOUTHERN AFRICA (Engineering news, 12/02/2016) Daimler Trucks & Buses Southern Africa (DTBSA) announced on Thursday that it had expanded its area of responsibility from South Africa, Lesotho, Botswana, Namibia and Lesotho, to also include Malawi, Mozambique, Zimbabwe and Zambia, through the formation of the Regional Centre for Southern Africa. Before January 1, these markets were the responsibility of Daimler’s office in Stuttgart, Germany, DTBSA executive director Kobus van Zyl said in Pretoria, at the official opening of the centre. The regional centre would be responsible for the sales and after-sales of Mercedes-Benz trucks and buses, Fuso trucks and buses, Freightliner trucks, Western Star trucks and Mercedes-Benz vans in the region, with used trucks to become a growing business. Daimler member of the board responsible for trucks and buses, Dr Wolfgang Bernhard, believed the formation of the centre would drive sales growth for the German manufacturer in the region. He said Daimler wanted regions managed by people “reading the same newspapers as our customers”, and living “in the same time zones as our customers”. “We look forward to a bright future in the region.” Bernhard noted that the new centre was more an investment in human capital than in brick and mortar, in terms of training new service technicians, for example. Van Zyl was optimistic that the economic growth forecast for the new nine-country region would prove more positive than most of the globe up to 2020, with economic growth to stimulate infrastructure expansion, which, in turn, would stimulate truck sales. He also believed that the centre would be able to benefit from the expansion of South African businesses into Southern Africa, through the increased availability of parts and service facilities. Daimler sold around 5 500 trucks, buses and vans in the nine-country region last year, with Van Zyl hopeful of doubling sales in the four new countries in the next two years. Bernhard said the region could look forward to “a number of new products”, which he described as “robust, affordable and tough”. The aim was for all of the region’s product requirements to be assembled at DTBSA’s East London plant, even if some trucks might initially enter the market as completely built-up units, he added. Van Zyl confirmed that the region could expect a “wave of new products in the next five years”, with Daimler’s plant in India providing “huge opportunities” for new product introductions. The Regional Centre for Southern Africa is the third of six regional Daimler centres to open its doors recently. Earlier this week, the Regional Centre for East, Central and West Africa started its operations. This centre is based in Nairobi, Kenya. Similar bases would follow for South Asia, South-East Asia and Latin America within the next few months. In the past, Daimler had managed all of these regions primarily from Stuttgart. Print Send to Friend 0 0 Edited by: Creamer Media Reporter

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STEEL WITH STEEL PROTECTION SET TO WIDEN, FOCUS TURNS TO DOWNSTREAM RISKS (Engineering news, 12/02/2016) With confirmation that government and the steel industry are close to finalising a package of measures designed to preserve the future of the embattled primary steel sector, there are concerns that domestic steel consuming industries could be squeezed between tariff-protected domestic steel prices and sustained import competition. In a statement, the Department of Trade and Industry stressed that the “comprehensive package”, which includes additional protection for steel producers, would also be designed to protect downstream users and employment across the value chain. Print Send to Friend 1 0 However, it remains unclear how that balance will be struck, with a number of metals and engineering companies having already cautioned that they will come under additional strain should ArcelorMittal South Africa (AMSA) and Evraz Highveld Steel and Vanadium prevail in their applications for 10% basic protection and, on certain steel grades, far higher levels of ‘safeguard’ duties. The International Trade Administration Commission of South Africa (Itac) has already increased duties to the 10% level on three steel product lines and is considering eight more applications, as well as five safeguard duty applications. It is our preference that if you wish to share this article with others you should please use the following link: Steel and Engineering Industries Federation of Southern Africa (Seifsa) CEO Kaizer Nyatsumba is sympathetic to the current plight of the steel producers, which are struggling to navigate a market in serious over supply, a slump in prices and a flood of subsidised Chinese imports. Conditions are so hostile that South Africa’s second-largest steel producer, Highveld stopped operations in July and has entered business rescue, while AMSA is about to report a 2015 loss that is more than 5 000% worse than its 2014 loss. However, Nyatsumba stresses that interventions to shore up the primary steel industry cannot come at the expense of a downstream metals and engineering industry that is facing its own market headwinds. “We would like to see a situation where there is common cause between the key stakeholders of government, business and labour on what needs to be done to arrest the situation and protect jobs in the metals and engineering sector.” Seifsa has supported the primary producers in calls for greater protection, with the caveat that such protection cannot be at the expense of downstream manufacturers. “It serves very little purpose to protect one sub-sector of the metals and engineering sector and hurt the others.” AMSA’s outgoing CEO Paul O’Flaherty acknowledges the risks faced by downstream consumers. However, he argues that the biggest threat to these enterprises is not the package of protective measures being put in place, but rather the importation of steel-intensive products. It is understood that Itac has already reviewed the scope, within South Africa’s World Trade Organisation commitments, for further protecting certain downstream sectors and it is anticipated that various applications for protection will be submitted. There is a concern, though, that the downstream sectors are less organised than the primary producers, which could result in a material lag between the institution of upstream duties and the approval of protection of steel-consuming industries. Another imponderable is the effect of AMSA’s future pricing policy, which will have a significant bearing on the viability of the company, but will also affect consumers. O’Flaherty has indicated that the model being canvassed with the Economic Development Department and the Department of Trade and Industry is advanced, but that the details remain confidential. However, he has indicated that the pricing formula is likely to be limited to the flat-steel market, where AMSA is the dominant market participant. STEEL ARCELORMITTAL SEES SOUTH AFRICAN STEEL PROTECTION BY END-MARCH (Moneyweb, 12/02/2016) ArcelorMittal South Africa said it expects the country to adopt tariffs as a safeguard against cheap imports before the end of next month as the continent’s largest steelmaker posted an annual loss that ballooned 23 times from a year earlier. AMSA, as the Vanderbiljpark-based unit of ArcelorMittal is known, counts among the country’s steelmakers who have said they’re struggling to compete with an increase in subsidized Chinese supplies at prices as much as 25% below local production costs, while contending with increased input costs that exceed inflation. As a consequence, AMSA has said it’s writing down the value of its plants and iron-ore assets by R4.3 billion ($270.4 million) while reviewing the future of some of its operations. AMSA and other steelmakers applied for import tariffs and duties against dumping while asking the government to source its requirements only from local producers, the company said in a statement on Friday. AMSA’s loss excluding one-time items for the year through December was R13.11 a share, compared to a loss of R0.57 a year earlier, it said.The company “remains of the view that these interventions have a reasonable prospect of returning the company to

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profitability in the medium term,” AMSA said, referring to the protection and designation measures. Without the adoption of such measures, “the company and the steel industry will need to undertake significant structural changes.” AMSA has chosen Likamva Resources as its preferred black economic empowerment shareholder and has started talks on a possible deal, the steelmaker said in a separate statement. The full terms of a deal will be concluded in the second quarter, it said. South Africa requires companies to obtain shareholding by black-owned entities as a way of compensating for economic disparities created under apartheid.AMSA Chief Executive Officer Paul O’ Flaherty will step down at the end of Friday while CFO Dean Subramanian will act in his place until a replacement is appointed, the company said. CHEMICALS 'SIMPLISTIC’ TO CORRELATE SASOL WITH OIL PRICE AS CHEMICALS CONTRIBUTION RISES (Engineering news, 12/02/2016) Incoming joint Sasol CEO Bongani Nqwababa believes “simplistic” correlations of the company’s performance to the oil price will become less relevant in coming years as the revenue and profit contribution of its chemicals business rises in line with its large North American expansion projects. Nqwababa, who participated in a media roundtable dedicated specifically to the company’s chemicals business, noted that the group had already been reclassified as a chemicals company by the JSE, which moved its listing from the oil and gas sector in March last year to the basic materials sector. Also listed on the New York Stock Exchange, Sasol expected its classification on the Morgan Stanley Capital International index to probably change in future to reflect the rising chemicals contribution at a company best known for its production of petrol and diesel from coal and gas, using the Fischer-Tropsch technology. During the group’s 2015 financial year, the revenue contribution from base and performance chemicals was R105-billion, or 57% of overall turnover, while the division’s operating profit contribution was R22.9-billion, or 49%. Sasol was due to report interim results on March 7. Nqwababa, who together with Stephen Cornell, would take over from CEO David Constable on July 1 said that Sasol’s portfolio would, in future, “lean more towards chemicals”. “Despite that, we still see the simplistic analysis of seeing Sasol as a perfect correlation with the oil price, which, in the case of chemicals, is not a simple one-to-one ratio. But we obviously need to do a lot of communication to work on that.” There was a lag, for instance, in the reaction of chemicals prices to a drop in the oil price, while chemicals margins did not generally reflect the full decline in the price of oil. “There is also much more resilience in terms of performance chemicals than is the case for base chemicals.” Executive VP for the chemicals business Fleetwood Grobler said the restructured chemicals business, which had consolidated around 12 separate units, was poised for growth under the group’s “dual regional strategy in Southern Africa and North America”. The company was currently investing $8.9-billion in a new ethane cracker in Lake Charles, Louisiana, which was scheduled for completion in 2018. In addition, it was participating in a high-density polyethylene joint project with INEOS, which was on track for completion in 2016. Sasol stressed that it was not planning to merely increase the output of base products, such as ethylene or polyethylene, in the US, but had configured the project to produce various performance chemicals that were in high demand. Grobler said the Lake Charles Chemical Project (LCCP) would establish the US facility as an integrated, multi-asset site similar to the group’s Secunda complex, in South Africa, where it had recently invested to further increase the capacity of its chemicals and wax facilities. The chemicals business was currently producing 5-million tons yearly, but would increase output by a further 2-million tons once the Louisiana projects were completed. Sasol’s North American operations contributed 10% to turnover in 2014, which would rise to 30% after the completion of the LCCP. In 2015, Sasol’s North American turnover was R27-billion. Edited by: Creamer Media Reporter

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COAL GLENCORE REPORTS LOWER FY COAL, COPPER OUTPUT (Engineering news, 12/02/2016) Output across most of diversified major Glencore’s production categories fell in 2015, with coal output down 10% year-on-year, copper production 3% year-on-year and nickel 5% year-on-year. Coal production decreased to 131.5-million tonnes, owing to the curtailment of production in response to market conditions and the deconsolidation of the Optimum Coal assets. Print Send to Friend 0 0 Optimum Coal was placed into business rescue in August last year, resulting in a 20% drop in South African thermal coal production to 37-million tonnes. The assets had since been sold to Tegeta Resources. Australian coking coal production of 5.9-million tonnes was in line with that produced in 2014, but thermal and semisoft coal output fell 6% year-on-year to 59.9-million tonnes, owing to the production curtailments in light of weaker prices. Colombian coal production fell 10% to 17.6-million tonnes, owing to railing capacity constraints that had now been resolved. Glencore’s own-sourced copper production, meanwhile, fell 3% year-on-year to 1.5-million tonnes, as a result of the suspension of processing operations at the group’s Africa-based operations, including the Katanga complex, in the Democratic Republic of Congo and a significant curtailment at the Mopani operations, in Zambia. The African copper operations delivered 421 900 t of copper in 2015, a 9% drop on the 465 000 t produced in 2014, while cobalt production increased 13% to 19 400 t, compared with the 17 200 t produced the year before. Meanwhile, Glencore’s share of the Chile-based Collahuasi mine’s output for the full-year was 200 400 t, 3% lower than in 2014, owing to changes in grades. The group’s share of production from the Peru-based Antamina mine, meanwhile, increased 13% year-on-year to 131 800 t, owing to higher throughput rates. The miner’s other South American mines delivered 343 100 t of copper for the full-year, while its Australian mines produced 256 400 t of copper. This was in line with 2014 production. Zinc production, meanwhile, rose 4% year-on-year to 1.44-million tonnes, owing to the successful completion of expansion projects at the Lady Loretta, George Fisher and McArthur River assets, in Australia, over the first nine months of the year. However, production cuts were implemented at these operations from October last year, owing to low commodity prices. Nickel production decreased 5% year-on-year to 96 200 t, mainly as a result of a metal leak at the Koniambo operation, in New Caledonia, in December 2014 and the extended shutdown at the Sudbury smelter. The Line 1 furnace at Koniambo had been rebuilt during 2015, with the first metal tapped in January. Testing of the furnace would continue over the first half of this year. The Line 2 furnace would also be rebuilt, with this project not expected to start before 2018. Glencore reported a 13% increase in attributable ferrochrome production to 1.46-million tonnes for 2015, owing to the full-year’s contribution from the Lion II ferrochrome plant, in Limpopo. Manganese output increased 9% year-on-year to 244 000 t. For 2016, the miner expects to produce about 1.39-million tonnes of copper, 1.1-million tonnes of zinc, 285 000 t of lead, 116 000 t of nickel, 1.58-million tonnes of ferrochrome and 130-million tonnes of coal. Edited by: Chanel de Bruyn GUPTAS, ZUMA'S SON CLEAR HURDLE TO BUY OPTIMUM MINE (News24, 12/02/2006) Johannesburg - A proposal by a company controlled by President Jacob Zuma’s son and the Gupta family to buy Optimum Coal Mine was recommended for approval by the Competition Commission. The Competition Commission recommended the approval of the deal by Tegeta Exploration and Resources, a company owned by Oakbay Investments and Mabengela Investments, which had been placed into bankruptcy protection by Glencore Plc, the antitrust body said in an emailed statement on Thursday. Oakbay Investments, owned by the Gupta family, controls Oakbay Resources & Energy. Mabengela, in which Zuma’s son Duduzane has a stake, also has an interest in the Shiva Uranium operation, which the Gupta family controls through Oakbay Resources. Duduzane Zuma and Gupta family members are directors of at least 11 of the same companies, publicly available documents show. Department of Mineral Resources spokesperson Martin Madlala didn’t immediately respond to a message seeking comment. Mines Minister Mosebenzi Zwane met with Glencore Chief Executive Officer Ivan Glasenberg in Switzerland to advance the deal, he said in a February 8 interview. He denied giving Tegeta any preferential treatment, saying he was only trying to preserve jobs.

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MANUFACTURING AND MINING REMAIN DEPRESSED (Business Day, 12/02/2016) MANUFACTURING and mining output remain constrained, providing little prospect for employment and GDP growth. The two sectors together account for 20% of the value add in the economy. Weak performance in the two sectors is unsurprising as the economy expanded by a mere 0.7% in the third quarter of last year. Monthly data released by Statistics SA yesterday showed manufacturing production to have risen 0.4% in December compared with a year earlier. But production fell on a seasonally adjusted and annualised basis in the fourth quarter. This means manufacturing will have contributed negatively to economic growth over the period. Mining production was also in negative territory, but in December it contracted at a slower rate of 0.3% compared to the previous year, from a 1.3% year-on-year decline in November. However, the sector will only make a slight positive contribution to economic growth in the fourth quarter Given the larger size of the manufacturing sector compared to the mining sector, it seemed likely that overall economic growth slowed in the final quarter of last year, said Capital Economics senior emerging markets economist William Jackson. Factors weighing on the two sectors — continued weakness in commodity prices, low global demand and rising input costs — are still expected to continue for most of this year, implying modest growth and job creation. Of the two sectors, manufacturing seems the most in trouble. The latest leading indicator of activity in the sector — the Barclays purchasing managers’ index (PMI) — has shown that output will be strained at least in the first few months of this year and that more jobs could be on the line. Total manufacturing production showed no growth last year compared with 2014. BNP Paribas Securities SA economist Jeff Schultz said even though a weaker rand is helping to cushion some of the blow to larger, more export-oriented manufacturers, faltering global and domestic demand, weaker commodity prices and manufacturing business confidence which remained “at crisis lows” were all unlikely to see a turnaround anytime soon. While most economic indicators suggest that the economy remained weak, the Reserve Bank was likely to focus on the upside risks posed to inflation by severe drought and a sharply weaker rand, Nedbank economist Nicky Weimar said. The Bank raised the repo rate by 50 basis points to 6.75% last month. Nedbank sees rates being hiked by 25 basis points at each of the meetings in March, May and July. Total mining production was 3.3% higher last year after a 1.4% decrease in 2014. Last year’s increase in total output was partly supported by slightly higher actual production as well as by base effects — created because production was unusually low in 2014 due to a prolonged strike at platinum mines. Investec economist Kamilla Kaplan yesterday referred to the renewed risk of labour unrest in the platinum sector as wage agreements which expire in June were renegotiated. The negotiations would occur against a backdrop of increased operating costs for producers that, among others, include electricity tariff hikes, Ms Kaplan said. TRANSNET NERSA URGED TO CHECK VALIDITY OF TRANSNET HIKE BID (Business Day, 12/02/2016) THE National Energy Regulator of SA (Nersa) must ensure that Transnet’s application for a tariff increase on its petroleum pipelines is indeed required for pipeline infrastructure and is not meant to cross-subsidise its rail projects. This is according to transport economist Andrew Marsay. He said yesterday that because Transnet had not managed to raise enough money from its railway operations, it had resorted to crosssubsidising these with revenue from its pipelines and ports. Earlier this month Transnet applied for a 25.8% increase in allowable revenue for the 2016-17 financial year, which would result in a 21.3% tariff increase on the petroleum pipeline, a cost payable by all the major oil companies in SA. This would push the fuel price in Gauteng up by 6.18c per litre. Last year, Nersa approved a 6.9% increase in Transnet’s petroleum pipeline tariffs for the 2015-16 financial year. Transnet said its latest request for a hike was necessitated by the expected completion of construction work on significant aspects of the new multiproducts pipeline by November this year. The new 555km pipeline replaces the 48-year-old version, and has a 70-year design life. It is meant to transport 93-grade and 95-grade unleaded petrol, lowsulphur diesel and ultralow-sulphur diesel, as well as jet fuel. However, delays had led to the cost of the project doubling to more than R23bn from R11.1bn. Mr Marsay said the new pipeline had cost Transnet more than it expected and the stateowned logistics group most likely wanted to recoup some of that investment. However, Transnet tended to use revenue from pipelines and ports to crosssubsidise its rail investment. Thus it was key for Transnet to demonstrate that its

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request for an increase in the petroleum pipeline tariff was really needed for pipelines and would not be diverted to railway investments under its market demand strategy. The strategy is Transnet’s R340bn-R380bn recapitalisation programme to expand and modernise the rail and ports infrastructure of the country. “Transnet’s biggest risk is how it is going to fund the massive investment for the railways,” said Mr Marsay. “It would be good for Nersa to ask Transnet to demonstrate that the increase is needed for pipelines or to underwrite railway investment under the market demand strategy,” he said. Nersa regulator member responsible for petroleum pipelines Rod Crompton said the regulator would scrutinise the expansion in pipeline assets and the estimated volumes to be shipped, which are the main drivers for Transnet’s application for a tariff increase. Nersa could make a decision on Transnet’s application by the end of next month, but this would depend on the regulator receiving additional information from Transnet, said Mr Crompton. South African Petroleum Industry Association executive director Avhapfani Tshifularo said yesterday Transnet added equipment to the pipeline infrastructure every year and this necessitated an increase in the tariff. “Based on our interactions with them, when an increase does come up we understand why the tariff has gone up,” said Mr Tshifularo. Transnet said the aspects of the new pipeline that were expected to be completed by November were the Durban tightlining assets and the inland accumulation facility near Heidelberg. GENERAL WITH EYE ON RATING DOWNGRADE ZUMA FOCUSES ON ECONOMY (Business Day, 12/02/2016) Things will not improve for the better,” Mr Monde said. Peter Attard Montalto, a senior emerging markets economist at Nomura International, said Mr Zuma’s speech sounded “too much like business as usual”. The speech struck the “wrong note” because it contained no sense of economic panic or different ways of doing things to boost growth. Working through a list, much of which arose in his discussions with private-sector CEOs earlier this week, Mr Zuma promised to: fasttrack partnerships with the private sector; cut red tape; address the governance and performance problems in state owned companies; encourage skilled migration into SA; promote and encourage tourism in the context of a competitive exchange rate; and expedite regulatory certainty in the mining sector. He appealed to Parliament to expeditiously deal with amendments to the Mineral and Petroleum Resources Development Act. “We have heard your concerns about state owned companies…. For state-owned companies to successfully implement the national development plan they must be financed soundly and they must be properly governed and managed.… Companies that are no longer relevant to our development agenda will be phased out,” he said. He said the recommendations of the presidential review commission on state owned enterprises, would be implemented. The commission recommended the disposal of non-core state companies and encouraged private investment in others, such through public share offerings. Such measures, he said, “are essential for growth and to reduce national debt levels”. CURRENCIES AND PRICES

All Share Index 11/02 47,412 - 1.78%

Industrials Index 11/02 39,589 - 1.54%

Financials Index 11/02 38,083 - 1.60%

Top 40 Index 11/02 42,054 - 2.22%

Industrial 25 Index 11/02 66,025 - 2.59%

Financial 15 Index 11/02 13,971 - 2.02%

Resources 10 Index 11/02 24,789 + 0.34%

Alt-X Index 11/02 1,535 - 1.42%

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FOREX

Rand/Dollar 07:19 15.9001 - 0.002%

Rand/Pound 07:45 22.9624 - 0.55%

Rand/Euro 07:45 17.9585 + 0.10%

COMMODITIES

Gold (usd/oz) 07:42 1,237.50 + 3.31%

Platinum (usd/oz) 07:42 952.00 - 0.98%

Brent (usd/barrel) 07:16 31.71 + 2.82%

WORLD MARKETS

Wall St (DJIA) 11/02 15,660 - 1.60%

Germany (DAX) 11/02 8,753 - 1.42%

Japan (Nikkei) 07:42 15,061 - 4.15%

(Business Report, 12/02/2016)

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Petrol/ Diesel Price

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YR2016 06-Jan-

16 03-Feb-

16 02-Mar-

16 06-Apr-

16 04-May-

16 01-Jun-

16 06-Jul-

16 03-Aug-

16 07-Sep-

16 05-Oct-

16 02-Nov-

16 07-Dec-

16

COASTAL

95 LRP (c/l) 1194.00 1200.00

95 ULP (c/l) 1194.00 1200.00

Diesel 0.05% (c/l) 972.47 910.47

Diesel 0.005% (c/l) 977.87 914.87

Illuminating Paraffin (c/l) 594.028 535.028

Liquefied Petroleum Gas

(c/kg) 1892.00 1893.00

GAUTENG

93 LRP (c/l) 1209.00 1215.00

93 ULP (c/l) 1209.00 1215.00

95 ULP (c/l) 1237.00 1243.00

Diesel 0.05% (c/l) 1005.17 943.17

Diesel 0.005% (c/l) 1010.57 947.57

Illuminating Paraffin (c/l) 647.028 588.028

Liquefied Petroleum Gas

(c/kg) 2074.00 2075.00

YR2015

07-Jan-

15

04-Feb-

15

04-Mar-

15

01-Apr-

15

06-May-

15

03-Jun-

15

01-Jul-

15

05-Aug-

15

02-Sep-

15

07-Oct-

15

04-Nov-

15

02-Dec-

15

COASTAL

95 LRP (c/l) 1083.00 990.00 1086.00 1246.00 1246.00 1293.00 1334.00 1283.00 1214.00 1218.00 1196.00 1197,00

95 ULP (c/l) 1083.00 990.00 1086.00 1246.00 1246.00 1293.00 1334.00 1283.00 1214.00 1218.00 1196.00 1197,00

Diesel 0.05% (c/l) 997.49 895.49 969.49 1090.09 1085.09 1134.09 1138.09 1062.27 1008.27 1061.27 1052.27 1048,47

Diesel 0.005% (c/l) 1001.89 899.89 973.89 1096.49 1091.49 1137.49 1141.49 1067.67 1016.67 1067.67 1057.67 1055,87

Illuminating Paraffin (c/l) 697.728 595.728 668.728 690.828 685.828 727.828 733.828 663.828 608.828 658.828 656.828 657,028

Liquefied Petroleum Gas

(c/kg) 1829.00 1679.00 1833.00 1918.00 1935.00 2035.00 2091.00 2002.00 1887.00 1898.00 1851.00 1847,00

GAUTENG

93 LRP (c/l) 1102.00 1009.00 1105.00 1261.00 1261.00 1308.00 1352.00 1301.00 1232.00 1230.00 1208.00 1209,00

93 ULP (c/l) 1102.00 1009.00 1105.00 1261.00 1261.00 1308.00 1352.00 1301.00 1232.00 1230.00 1208.00 1209,00

95 ULP (c/l) 1124.00 1031.00 1127.00 1289.00 1289.00 1336.00 1377.00 1326.00 1257.00 1261.00 1239.00 1240,00

Diesel 0.05% (c/l) 1028.09 926.09 1000.09 1122.79 1117.79 1166.79 1170.79 1094.97 1040.97 1093.97 1084.97 1081,17

Diesel 0.005% (c/l) 1032.49 930.49 1004.49 1129.19 1124.19 1170.19 1174.19 1100.37 1049.37 1100.37 1090.37 1088,57

Illuminating Paraffin (c/l) 747.928 645.928 718.928 743.828 738.828 780.828 786.828 716.828 661.828 711.828 709.828 710,028

Liquefied Petroleum Gas 2011.00 1861.00 2015.00 2100.00 2117.00 2217.00 2273.00 2184.00 2069.00 2080.00 2033.00 2029,00

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(c/kg)

(SAPIA online)

Contract Aluminium Alloy Aluminium Copper Lead Nickel Tin Zinc NASAAC

Cash Buyer 1575.00 1493.50 4472.00 1826.00 7700.00 15590.00 1721.50 1680.00

Cash Seller & Settlement 1585.00 1494.00 4474.00 1827.00 7710.00 15600.00 1722.00 1685.00

3-months Buyer 1600.00 1488.50 4465.50 1818.50 7725.00 15400.00 1715.00 1685.00

3-months Seller 1605.00 1489.00 4466.00 1819.00 7750.00 15405.00 1717.00 1695.00

15-months Buyer 15135.00

15-months Seller 15185.00

Dec 1 Buyer 1675.00 1548.00 4440.00 1833.00 7880.00 1732.00 1750.00

Dec 1 Seller 1685.00 1553.00 4450.00 1838.00 7980.00 1737.00 1760.00

Dec 2 Buyer 1598.00 4440.00 1853.00 7980.00 1732.00

Dec 2 Seller 1603.00 4450.00 1858.00 8080.00 1737.00

Dec 3 Buyer 1658.00 4450.00 1883.00 8065.00 1733.00

Dec 3 Seller 1663.00 4460.00 1888.00 8165.00 1738.00

(London Metal Exchange, 12/2/2016)

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(d) Note that any product, processes or service referred to in the Newsletter may be subject to other copyright, patent, trade mark or other intellectual property laws and may incorporate proprietary notices and copyright information relating to that product, process or service.