Industrials (/lb): aluminum $0.76 (+1.4%), copper $2.24 (+0.8%), lead $0.79(+1.0%), molybdenum $6.15 (+0.4%); nickel $4.22 (+1.0%); zinc $0.87 (+1.4%);Precious (/oz): gold $1,266 (+1.6%), silver $17.56 (+1.8%); Steel (/mt): ChinaHRC $492 (+0.3%), SHFE Rebar $387 (-0.1%), MB Scrap Index $302 (+0.0%);Bulks: iron ore (/dmt) $64 (+4.1%), coking coal (/mt) $101 (+0.0%), freight (BCI)1,137 (-2.0%); Energy: Brent (/bbl) $48.10 (+1.9%), WTI (/bbl) $46.03 (+1.5%),natural gas (/mmBtu) $2.08 (+4.2%), thermal coal (/t) $51 (+0.1%).

　　Gold and silver jump 2% each to $1,266/oz (seven-week high) and $17.56/oz,respectively on weaker dollar after Bank of Japan and US Federal Reserve keptmonetary policy and interest rates unchanged. Separately, US GDP grew at0.5% QoQ annual rate in 1Q16 (vs. +0.7% consensus) as net exportscontributed negatively while business fixed investment declined. (Reuters)Steel output from key members of China Iron & Steel Association was stable at1.7m tons/day during April 11-20, following a 3.4% sequential rise in the prior10-day period. Finished steel inventories at these mills increased modestly to13m tons as of 4/20 (+1% vs 4/10 level). Separately, per China MetallurgicalNews, over 60 blast furnaces nationwide were brought back into productionduring 1Q16, as rally in steel prices boost mills’ profit margins. (SBB,Bloomberg Finance LP)Wage dispute resolved at Freeport's 160ktpa Chilean copper mine El Abra(51% stake, with remaining held by Codelco), after union accepted the wageagreement. In 2H15, Freeport scaled back El Abra’s operations to 50% rate andlaid off 650 workers. (Reuters)AK Steel announces offer to sell 52m common shares (~34% of current sharecount of 177m, including 8m overallotment) at a price of $4.40/sh. Netproceeds (~$250m) to be used to repay outstanding debt under its $1.5bnrevolver. Offering to close on 5/4. (Company)Kaiser Aluminum to raise $375m via 5.875% senior notes due 2024 ($50mincrease from original offer). Kaiser intends to prepay the $206m (incl.

　　redemption premium) of 8.25% notes due 2020. Offering to close on 5/12.

　　(Company)Southern Copper expects 2016 copper production at Buenavista mine to rise62% YoY to 460kt. Company has invested $3.0bn of the total $3.5bn expansioncapex to-date. The new 36.5Mtpa copper-moly concentrator is 99% completeand running at 93% capacity (expected to reach full rates in 2Q16). (AME)Cliffs reports 1Q16 pellet production of 3.1Mt (-43% YoY) from its USoperations, with declines driven by closure of 6Mt Northshore and 5.4MtUnited Taconite operations (expects to reopen in 2016). 1Q16 sales declined58% QoQ to 1.9Mt due to the termination of a customer contract and lowerdemand from US mills. Full-year sales volume and production guidancemaintained at 17.8Mt and 16.2Mt, respectively. (AME)