Near term correction remains
on the cards 3
HSBC commodity price
forecasts 6
Commodities forward curve 7
Aluminium: Feeding the
surplus 8
Alumina: Supplying the
oversupplied 16
Copper: Great expectations 22
Nickel: Bring it on! 30
Zinc: Driven by steel 38
Ferrochrome: Cooling off for
winter 44
Iron ore: Is benchmark
pricing passé? 50
Coking coal: Markets to
remain tight 54
Thermal coal: Supported by
Asian demand and USD 56
Commodities consumption
trends 61
Macro indicators 63
HSBC equity indices
performance 65
China demand indicators 66