Industrials (/lb): aluminum $0.74 (-0.1%), copper $2.13 (+0.7%), lead $0.78(+0.4%), molybdenum $7.60 (+0.0%); nickel $4.19 (+0.4%); zinc $0.93 (+1.0%);Precious (/oz): gold $1,266 (-0.1%), silver $17.26 (-0.2%); Steel (/mt): ChinaHRC $396 (+0.1%), SHFE Rebar $322 (+1.6%), MB Scrap Index $209 (-3.1%);Bulks: iron ore (/dmt) $53 (+3.7%), coking coal (/mt) $92 (+0.8%), freight (BCI)878 (+0.6%); Energy: Brent (/bbl) $49.88 (-1.4%), WTI (/bbl) $49.13 (+0.6%),natural gas (/mmBtu) $2.68 (-3.3%), thermal coal (/t) $53 (+0.4%).

　　US International Trade Commission (ITC) determines that domestic industrywas injured by Cold-Rolled Coil (CRC) imports from China and Japan. Hence,the final duties (China: 266% antidumping (AD) and 256% countervailing;Japan: 71% AD) imposed by US Department of Commerce will remain ineffect. However, ITC did not find critical circumstances in regards to theseimports; thus, the goods will not be subject to any retroactive duties. (SBB)Iron ore futures increased to $59/ton (CNY388/t, +3.8% DoD), the highest sinceMay 9 on Dalian exchange. Spot price of 62% grade also rose to ~$53/ton(CNY348/t, +3.8%). Authorities have previously cracked down on speculativetrading on this exchange. (Financial Times, Platts)US Hot-Rolled Coil (HRC) price decreased $9/st WoW to $628/st on 6/22, thefirst weekly decline since mid-February. The spread between HR and Cold-Rolled sheet widened to $200/st (+$1/st WoW) vs. 36-year avg. $111/st spread.

　　Separately, Chinese domestic HRC price remained stable WoW at $395/t (-$92/t vs. 4/27 price). (CRU)New loading and storage facilities opened at Peru’s Matarani Port Terminal forAntapaccay (capacity of 50k tons), Cerro Verde (150k tons) and Las Bambas(100k tons) copper concentrate exports. Terminal loading capacity expected toincrease to 3.5ktph from 2.5ktph prior. Within our coverage, Freeport holds~54% stake in Cerro Verde mine. (AME)Barrick Cortez, a subsidiary of Barrick, enters into an agreement to purchaseRobertson Property in Nevada from Coral Gold. Barrick will pay cashconsideration of ~$16m, a sliding scale 1-2.25% net smelter royalty on theproperty and return ~4.2m shares of Coral held by the company forcancellation. The property spans 8.5k acres, comprised of 415 claims and 9patented claims. (Company)Noble Corp. announces receipt of full settlement value of $540m fromFreeport-McMoRan pursuant to previously announced early termination ofdrillship agreement. Noble received $540m in cash through receipt of Freeport-McMoRan shares, which were immediately resold by Noble under a previouslydisclosed distribution agreement. (Company)Alcoa confirms its separation to be on track to complete in 2H16 and will fileform 10 on 6/29 for its separation into upstream/downstream units. (Company)Kinross signs non-binding letter of intent with Yorbeau Resources for Rouyn inQuebec whereby Kinross has the option to buy 100% of the property for $25mcash after funding $9m in exploration costs. (Company)