Industrials (/lb): aluminum $0.74 (+1.1%), copper $2.11 (+2.0%), lead $0.78(+1.7%), molybdenum $7.60 (+0.0%); nickel $4.21 (+2.4%); zinc $0.91 (+1.5%);Precious (/oz): gold $1,290 (-0.7%), silver $17.50 (0.0%); Steel (/mt): China HRC$397 (-0.3%), SHFE Rebar $315 (+1.0%), MB Scrap Index $216 (+0.0%); Bulks:iron ore (/dmt) $51 (-1.1%), coking coal (/mt) $92 (-0.3%), freight (BCI) 897 (-3.2%); Energy: Brent (/bbl) $50.65 (+3.0%), WTI (/bbl) $49.37 (+2.9%), naturalgas (/mmBtu) $2.75 (+4.7%), thermal coal (/t) $53 (+0.6%).

　　China copper exports rose for a third month to the highest level since 2012,amid weak demand and high stockpiles. Copper exports surged to 126k tons inMay (+73% MoM). As a result, net imports dropped to 304k tons (-19%).

　　Separately, zinc ore imports fell for the fourth straight month to 114k tons (-49% YoY), due to raw material shortages. (Bloomberg Finance LP)US steel output decreased 1.6% WoW to 1.8m st (-0.6% YoY), with utilizationat 74.8% (-130bps WoW, +40bps YoY), for the week ending 6/18, mainlydriven by lower production from North East and Great Lakes regions. YTDoutput is 42m st (-1% YoY) with utilization at 72.4% (+30bps). (AISI)Key members of China Iron & Steel Association produced 1.7m tons/day ofcrude steel during June 1-10, down 2% from prior 10-day period. Marketparticipants expect output to continue tracking downward given weakseasonal demand during summer. (SBB)US Court grants preliminary approval to a proposed $140m class actionsettlement with Barrick Gold. The decision on final approval of the settlementis due on October 18. The lawsuit accused company of misrepresenting itscompliance with environmental regulations at Pascua-Lama project in Chile.

　　(Motley Rice LLC)Fortescue Metals confirms progress on Memorandum of Understanding (MoU)with Vale for a Chinese-based blending joint venture. However, company flagsthat MoU could be at risk, should Vale sell a minority stake in its Brazilian ironore assets. Separately, Vale reports that it has repaid $1bn out of $3bn drawnunder revolver in January 2016. Vale partially used the proceeds from $1.25bn5.875% guaranteed notes due 2021, to repay the revolver. (Australian FinancialReview, Company)Goldcorp to acquire ~11m common shares of Independence Gold atC$0.1333/sh for C$1.5m (~US$1m). The shares, acquired for investmentpurpose, represent ~20% of outstanding shares of Independence. (Company)AK Steel (AKS) closes $380m offering of 7.5% secured notes due 2023 andannounces results of its tender offer for $380m 8.75% secured notes due 2018.

　　With $251m tendered, a redemption notice has been issued to remainingholders. Annual interest savings of ~$5m should result but compare tounderwriting commissions/premiums of ~$27m. (Company, DB)