Our investment view of the Forest Products sector has improved, largely due to lower share prices.  We have upgraded both Domtar, MeadWestvaco and Plum Creek to Overweight from Neutral, and IP to Neutral from Underweight.  There has been little change to earnings outlooks, but the shares of each fell up to 20%. 

Various metals spot markets show evidences of declining inventories and upticks in prices from lows on June 4th.  However, we enter a period of seasonal slowdowns in which carbon steel, steel scrap, nickel and stainless steel appear well poised to have conventional Summer slowdowns.  Aluminum, lead and zinc fell already to or slightly below marginal costs of swing producers, and are closer to bottom zones.