Commodities Comment : New LME positioning report shows zinc most favoured

As part of its move towards greater transparency, the LME on Tuesdaylaunched its first CFTC-style Commitment of Traders Report (COTR). Thereport shows that money managers are net long in all LME base metals, andrelatively most long in zinc.

    Latest newsThe strength in Brazilian iron ore exports looks to have hit a speed bump inJuly, with preliminary port data suggesting a 6.7% MoM decline to 334mtpa.

    As a result, the YoY export growth has slowed to 1.1% from over 10%average in Q2, though YTD growth is still up 9%. We currently forecast336mt of exports for 2014 as a whole