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The attached 33 page report devotes a page or two
towards updating each major metal and wood commodity sector. Tables 1
to 9 update various dynamics.
Reduced Indian exports drove spot iron ore prices
to $175 to $182 per tonne, perhaps signalling even bigger windfalls to
iron ore exporters Vale, Rio Tinto, BHP and Fortescue in the Summer
quarter.
Wood prices boomed, suggesting big profits for LPX
and WY. Oriented strand board is now $335 per 000 sq ft up from $130
lows.
Aluminum and nickel inventories fell, while
copper, lead and zinc rose last week. Base metals prices other than
copper rose last week, while precious metals fell most sharply on April
16th following the SEC action.
The Fibre Box Assn. reported a 6.8% March volume
gain. Lower imports have resulted as domestic demand improves, and
producers operate at 93.6% of capacity.
We expect the World Steel Assn. and Int’l Alum.
Institute to report March global steel and aluminum outputs on Tuesday
April 20th and the World Bureau of Metals Statistics to
report February nonferrous demand and supply on Wednesday April 21st.
Faithfully,
John C. Tumazos
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Copyright © 2008 John Tumazos Very Independent Research,
LLC
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