Transnet Freight Rail News Briefs Page 1 of 10

COMMODITY NEWSBRIEFS: 30 OCTOBER 2014 Please note that these articles are available in electronic format and can be requested and delivered via e-Mail.

(http://intra.spoornet.co.za) Natasha.Havenga@transnet.net

DISCLAIMER

The information contained in this publication is for general information purposes only. The information is provided by Transnet Freight Rail, a division of Transnet Limited, and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the publication, or the information, products, services, or related graphics contained in the publication for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of profits arising out of, or in connection with, the use of this publication. This publication may refer to other publications which are not under the control of Transnet Freight Rail. We have no control over the nature, content and availability of those other publications. The inclusion of any other publications or other website links does not imply a recommendation or endorse the views expressed within them. Every effort is made to keep the content of the publication correct and complete. However, Transnet Freight Rail takes no responsibility for, and will not be liable for information in the publication being incorrect or incomplete. Transnet Freight Rail also does not guarantee the availability of the publication at any specific intervals

STEEL See article “NICKEL PRICE JUMPS AGAIN – CHINESE STOCKS GONE BY APRIL” under heading NON-FERROUS METALS COAL Transnet coal terminal put on hold (Business Day, 30/10/2014) Transnet has decided to put off its plans to build a R15bn new terminal to complement the Richards Bay Coal Terminal (RBCT). This was after an industry agreement was struck with the major players to provide extra capacity to junior miners, Transnet Group CEO Brian Molefe said yesterday. Speaking on the sidelines of the group’s interim results presentation, Mr Molefe said the coal export capacity of Quattro, the black economic empowerment (BEE) scheme, would be doubled to benefit small black junior miners. About 15-million tonnes a year of coal export capacity had been made available to BEE-compliant companies through RBCT’s phase-five expansion. About 4-million more tonnes a year of export capacity had been made available to emerging black-owned miners through Quattro. RBCT has a capacity of 91million tonnes. Last year, Mr Molefe heavily criticised RBCT for not providing access to small, black-owned coal-mining companies. RBCT shareholders include BHP Billiton, Anglo American, Xstrata and Exxaro. He singled out BHP Billiton, saying it and RBCT shareholders took advantage of small, black-owned coal miners, who had no other way of getting their coal to export markets, by buying their export-grade coal at less than market value. Transnet had sought to build the new coal terminal at RBCT to enable junior miners to export from the port. At about the same time, BHP Billiton criticised Transnet Freight Rail’s underperformance in matching its capacity to rail coal to RBCT’s expanded capacity. Yesterday, Mr Molefe said the construction of the new coal terminal was “not as urgent as before” as the industry had agreed to include junior miners. The Richards Bay port would continue with two terminals and Transnet would sign take-or-pay contracts with big and small mining companies, Mr Molefe said. The other terminal is the RBT-Grindrod, which had been looking to partner with Transnet in the new terminal. XMP Consulting’s Xavier Prevost said building a new terminal at Richards Bay would not have made commercial sense as the main terminal was operating below capacity because of low global coal prices. “Right now, we are exporting the RB3 (lower-grade) coal at the same price as the RB1 (export-grade) coal. The terminal is not going to do full capacity this year,” he said. Mr Prevost said he expected only 64-million to 66-million tonnes to be exported this year. The Transnet Freight Rail has a capacity of 78million tonnes per year.

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R1BN SET ASIDE FOR INITIAL WATERBERG COAL RAIL RAMP-UP TO 26MT (Engineering News, 30/10/2014) State-owned freight logistics group Transnet will invest nearly R1-billion to facilitate an incremental increase in coal export volumes from Limpopo’s Waterberg to 26-million tons between 2015 and 2019. Transnet Freight Rail (TFR) CEO Siyabonga Gama indicated on Wednesday that the “interim” ramp-up phase would move ahead in parallel to a longer-term solution to increase volumes to between 40-million and 80-million tons from 2021 onwards. This proposed heavy-haul project was still being studied and was unlikely to be included in the group’s 2015/16 business plan, which was currently being finalised by Transnet Capital Projects (TCP). However, newly appointed TCP CEO Herbert Msagala indicated that the initial Waterberg project was expected to be included in the plan, which should be finalised in November. The yearly business plans were informed by the larger R312-billion, seven-year Market Demand Strategy (MDS), which was currently in its third year of execution. Transnet invested a record R18.7-billion in the six months to September 30, 2014 on MDS projects and the group expected to spend a record R33-billion for the year as a whole. Speaking at the group’s interim results, Gama said memorandums of understanding had been signed with a number of coal miners in the Waterberg and that it had already signed up commitments totalling 16-million tons, some of which would “come on stream by as early as June 2016”. He indicated that TRF was “quite confident” that the miners were serious about moving ahead with projects and said that its discussions were not limited to Exxaro, which was planning to expand its Grootegeluk operation and develop the proposed new Thabametsi mine. In fact, Gama specifically mentioned Sasol and Anglo American, which he said also had coal prospects in the territory. The group was also not overly concerned about prospects for future coal exports as a result of lower prices, which had declined from around $80/t last year to below $70/t currently. Its confidence stemmed primarily from an unfolding transition to take-or-pay contracts with some 30 coal exporters, which Transnet indicated would be concluded by the end of November. The ten-year contracts committed TFR to providing trains as contracted, or face financial penalties, while miners were obliged to pay for the service as contracted whether or not they had product to transport. RESGEN TARGETS OCT 2015 FOR BOIKARABELO COAL MINE COMPLETION (Mining Weekly, 30/10/2014) l asset developer Resource Generation (Resgen) continues to progress the development of its Boikarabelo coal mine, in the Waterberg region, outlining on Wednesday that construction of the initial six-million-ton-a-year operation would likely be completed by October next year. The company said in a report for the three months ended September 30, that construction of the infrastructure for the mine, which boasted probable coal reserves of 744.8-million tons, continued during the quarter, while debt funding was being finalised to shorten the overall construction time. Debt funding of $400-million was being sought to fund the construction of all site infrastructure and a rail link, including a contingency. “Project funding negotiations are still under way, with banks and others to provide final funding offers. Noble Group’s loans, which have been announced previously, may form part of a consortium’s debt finance, which is expected to have export credit agency support,” said the group. STRIKING NUM TO RESPOND TO REVISED GLENCORE OFFER ON THURSDAY (Mining Weekly, 30/10/2014) After embarking on a strike at Glencore’s Tweefontein operation over what it claimed were unfair deviations from the company’s standard retrenchment package, trade collective, the National Union of Mineworkers (NUM), will respond to a revised retrenchment settlement offer from the miner at the Commission for Conciliation, Mediation and Arbitration (CCMA) on Thursday. Some 500 NUM members embarked on a protected strike at Glencore’s Mpumalanga-based mine on October 17, in protest against what it believes are inconsistencies in the retrenchment package offered to around 240 NUM members employed at the mine’s Gloria shaft, in July. The union said on the third day of the strike that retrenched Koornfontein workers had been offered less than workers who had been retrenched at Glencore’s Tweefontein and Tugo mines. TIMBER, PAPER, PUBLISHING NEW VEHICLES CUT COST OF TIMBER TRANSPORT (Cargo Info Africa, 30/10/2014) Specialist timber transporter Timber24 has introduced its new fourth generation PBS timber vehicles – marking a first for the local industry. The Australian Simulation vehicles leverage cutting edge design and innovation to enable a 10-15% cost saving in the delivery cost to customers. By equipping PBS vehicles to carry higher payloads per trip, for example, fewer trips are needed – thereby reducing road risk and exposure by up to 25%. “It marks the first PBS combination of this design and brings with it new possibilities and ample benefits,” says Blake Ferguson, MD of Timber24. The innovations are improvements on the old PBS design - for example, adjusting the underslung hitch position; changing the A-frame design and shortening the trailer length. These modifications all focus on making the combination as short as possible, without

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sacrificing payload or safety. “All of these changes equate to a significant annual saving,” adds Ferguson. “This benefit would be shared by the customer and the haulier.” NON-FERROUS METALS NICKEL PRICE JUMPS AGAIN – CHINESE STOCKS GONE BY APRIL (Mining, 30/10/2014) Indonesia, supplying more than a fifth of global exports, surprised the mining world in January by putting into effect an outright ban on nickel ore exports. Initially record warehouse inventories, massive stockpiling by Chinese pig iron producers and growing mine supply kept a lid on the price which was languishing at near five-year lows below $14,000 a tonne at the start of the year. The Asian nation, against expectations, stuck to its guns and the ban, in combination with fears that tensions with Russia could affect supply from top miner Norilsk, eventually sent the price of the steelmaking ingredient above $20,000 in May. Stainless steel production which accounts for 65% of refined nickel demand, has risen sharply in 2014 But as LME stocks continued to rise and the Philippines – the only other source in the region of high-grade laterite ore required by China and responsible for 9% of global mine supply – took up some of Indonesia's slack, supply worries subsided and the price tanked again, nearly wiping out all 2014's gains. This week traders realized the sell-off was overdone after a report by Shanghai Metals Market forecast Chinese port inventories would be run down by April next year. Nickel ore stocks at five major ports – Tianjin, Rizhao, Lanshan, Lianyungang and Jingtang – which account for 70% of the total stood at 15.3 million tonnes in October, down 17% since the start of the year. The nickel subsequently price rallied 5% on Tuesday and today added another 2% to trade at $15,895 a tonne. On the demand side the outlook for nickel is also rosy. Capital Economics, a research house, points out stainless steel production which accounts for 65% of refined nickel demand, has risen sharply in 2014. US stainless steel output grew 16% during the first half of the year, China's production jumped 17% while the European Union managed to roll out 4% more stainless steel. Further out the nickel price could also be supported by plans by the Philippines to follow Indonesia's playbook and ban ore exports. The longer term positives are reflected in price forecasts. Capital Economics forecasts nickel to reach $21,000 next year, but others are even more bullish. Citibank sees $24,000 next year and a peak of $30,000 while Scotiabank predicts $23,700 in 2015 and highs of $26,500 the year after that. ZAMBIA BY-ELECTION MAY DISRUPT COPPER MINERS (MiningMx, 30/10/2014) The death of Zambian president Michael Sata, 77, at a hospital in London yesterday, would result in a by-election in 90 days that would stall all government business and could disrupt key cargo routes for copper exports. Principal Africa analyst at IHS, Robert Besseling, said in a note that violence between partisan supporters and security forces was also a possibility. Under Zambia’s constitution the country will have to hold an election for a new leader within 90 days of the death of the president, said Besseling. "Over the next 90 days, ahead of a presidential by-election, all government business will be stalled," he said. A leadership tussle within the Patriotic Front (PF), that Sata led, could result in violence, especially in Lusaka and the copperbelt. "Disruption to key cargo routes for copper exports (including from neighbouring DRC) to Botswana and Zimbabwe face is likely, although damage to mine property is unlikely," said Besseling who added there was a "moderate" risk of contract renegotiation once Sata's successor was nominated. Glencore operates Mopani Copper Mines in Zambia while First Quantum Minerals, African Rainbow Minerals, and Vedanta also operate copper operations in the country. TRANSNET TRANSNET UPS VOLUMES AS ROAD-TO-RAIL DRIVE GAINS MOMENTUM (Cargo Info Africa, 30/10/2014) Transnet has grown revenue and profit over the six months to 30 September 2014, driven largely by volume growth in automotives and containers on rail. This confirms the success of the company’s road-to-rail focus, said group CEO Brian Molefe at the financial results announcement yesterday (Wednesday). The company spent a record R18.7 billion on infrastructure – a 66.8% increase over the same period last year - while revenue for the period increased 6.4% to R30.3 billion. “The biggest driver was a 14.3% increase in automotive and container volumes on rail and a 13.2% rise in mineral and chrome volumes. The increase in containers on rail signals Transnet Freight Rail’s success in migrating rail-friendly cargo off the country’s roads and shows that the division is regaining market share in this sector,” said Molefe. He said that the coal line had increased volumes by 4.3% to 43.7 million tonnes largely due to improved wagon cycle time and other efficiency improvement initiatives, while the iron ore and manganese exports rose 4.8% to 32.9 million tonnes. Both lines were hampered by subdued global economic prospects and various operational challenges, amongst others. At the ports,

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Transnet Port Terminals continued to record steady improvements in productivity with ship working hour (SWH) improving from 49 to 50 at Cape Town Container Terminal, 40 to 42 in Ngqura, while remaining at 56 in Durban. Transnet‘s Market Demand Strategy (MDS) to expand and revamp South Africa’s port and rail infrastructure continued to break records, with spending increasing to R18.7 billion and taking the total spend to R77.9 billion over the last three years. “The rise in capital expenditure was mainly as a result of the investment in locomotives to be used in the export coal line and General Freight Business (GFB),” noted Molefe. Transnet raised R16.6 billion, primarily to fund its capital investment programme, while repaying R9.6 billion of its debt, he added. TFR CONFIRMS PURCHASE OF SECOND-HAND AUSSIE LOCOS TO PLUG CAPACITY GAP (Engineering News, 30/10/2014) South Africa’s Transnet Freight Rail (TFR) confirmed on Wednesday that it had purchased 34 second-hand diesel locomotive from rail company Aurizon, of Queensland, Australia, to augment its aging fleet ahead of the introduction of around 1 400 new locomotives by 2019. CEO Siyabonga Gama refused to provide a purchase figure, saying only that each locomotive cost between A$180 000 and $230 000, depending on the condition of the unit. The locomotives, which are about 20 years old, would be based in Bloemfontein and would be used by the general freight business to close a capacity gap that had arisen as a result of an 18-month delay to the ‘1064 acquisition programme’, which was concluded in March. Under the R50-billion programme, General Electric South Africa Technologies would supply 233 diesel locomotives and CNR Rolling Stock South Africa would supply 232 diesel units. In addition, CSR Zhuzhou Electric Locomotive would supply 359 electric locomotives, while Bombardier Transportation South Africa would supply 240 electric locomotives. Transnet also confirmed that it had retired 26 locomotives during the last six months, which was a major contributor to a R653-million impairment charge during the interim period to September. Gama said TFR had locomotives that were over 48 years old, many of which would need to be scrapped. “So we bought some second-hand locomotives from Australia . . . to assist us in tiding us over in terms of capacity.” CEO Brian Molefe indicated that an additional 86 electric and 19 diesel locomotives would be added to TFR’s fleet in 2015, but that the bulk of the 1064 locomotives would be introduced between 2016 and 2019. He also defended the selection of foreign original equipment manufacturers (OEM), stressing that only 70 locomotives would be produced abroad, with the balance to be made at factories in Gauteng and KwaZulu-Natal. Molefe dismissed the National Union of Metalworkers of South Africa’s (Numsa’s) demand that the contracts be reviewed, owing to the exclusion of CTLE (previously Union Carriage & Wagon) from the winning consortiums. TRANSNET’S HALF-YEAR CAPITAL EXPENDITURE HITS A RECORD (Business Report, 30/10/2014) Transnet’s seven-year capital investment programme was starting to bear fruit, the group’s chief executive Brian Molefe said yesterday, as capital expenditure for the six months to September rose 66.8 percent to a record R18.7 billion. The state-owned logistics and transport utility launched its R300 billion capital investment programme – also known as the Market Demand Strategy – in 2012, and has to date spent R77.9bn. However, the group’s profits for the period declined by 24.9 percent to R2.1bn. Molefe said this was not of concern as the group’s core business earnings before interest, taxes, depreciation and amortisation (Ebitda) increased 6 percent to R12.8bn. Transnet also, for the first time, recorded revenue growth of R30.3bn in the six-month period, a 6.4 percent increase. “The combination of depreciation, impairment of assets, fair value adjustments and other items such as net finance cost, have resulted in us recording lower profits for the period compared to [the] same period last year,” Molefe said. Transnet Freight Rail (TFR), which is set to receive the lion’s share of the group’s capital investment programme under the market strategy, contributed about 52 percent to group revenue. TFR will receive about R205bn of the R300bn of the capital investment programme. See article “TRANSNET COAL TERMINAL PUT ON HOLD” under heading COAL See article “R1BN SET ASIDE FOR INITIAL WATERBERG COAL RAIL RAMP-UP TO 26MT” under heading COAL GENERAL ESKOM WARNS OF LOADSHEDDING AS TECHNICAL PROBLEMS ADD TO WOES (Engineering News, 30/10/2014) State-owned power utility Eskom on Wednesday warned of possible rotational load shedding as “technical problems” further strained an already tight national grid. The utility, which had called on industrial customers, as well as consumers, to cut back 10% of their electricity consumption, expected the constraints to last throughout the week. This was attributed to undisclosed

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technical problems experienced at some of the utility’s power stations and the loss of additional generating units. Spokesperson Andrew Etzinger said it was a combination of technical issues at the group's coal-fired power stations, to which no common thread could be placed. He pointed out that the ageing power stations were generally less reliable than the utility would like. “We are doing everything we can to ensure the continued supply of electricity and our technical teams are hard at work to bring back units at our generating plants,” CEO Tshediso Matona said in a power alert statement. Etzinger said supply would remain tight until the weekend, when demand eased and some of the technical issues were expected to be resolved. However, he warned that the system would remain fragile throughout November. CURRENCIES AND PRICES

ALSI: 3 month to 29 Oct 14

(Mail & Guardian, 30/10/2014)

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JSE AS AT 17:00PM 29 OCTOBER 2014

All Share Index 29/10 49,117

+ 655.83 + 1.35%

Industrials Index 29/10 46,404

+ 505.04 + 1.10%

Financials Index 29/10 38,666

+ 592.13 + 1.56%

Top 40 Index 29/10 43,797

+ 615.76 + 1.43%

Industrial 25 Index 29/10 59,286

+ 992.41 + 1.70%

Financial 15 Index 29/10 14,806

+ 263.71 + 1.81%

Resources 10 Index 29/10 48,193

+ 230.45 + 0.48%

Alt-X Index 29/10 1,306

+ 5.03 + 0.39%

WORLD INDICATORS

FOREX

Rand/Dollar 06:24 10.9381

+ 0.10 + 0.90%

Rand/Pound

06:30 17.4470

- 0.01 - 0.08%

Rand/Euro 06:30 13.7983

- 0.009 - 0.07%

COMMODITIES

Gold (usd/oz) 06:30 1,213.48

- 15.32 - 1.25%

Platinum (usd/oz)

06:27 1,260.00

- 9.50 - 0.75%

Brent (usd/barrel) 06:30 87.03

+ 1.00 + 1.16%

WORLD MARKETS

Wall St (DJIA) 29/10 16,974

- 31.44 - 0.18%

Germany (DAX)

29/10 9,083

+ 180.20 + 2.02%

Japan (Nikkei) 06:30 15,661

+ 331.30 + 2.16%

(Business Report, 30/10/2014) COPPER A – SETTLEMENT PRICE – 6855 FORWARD RATES - Dollar/rand 4pm close: R10, 8407

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Petrol/ Diesel Price

YR2014

01-Jan-

14

05-Feb-

14

05-Mar-

14

02-Apr-

14

07-May-

14

04-Jun-

14

02-Jul-

14

06-Aug-

14

03-Sep-

14

01-Oct-

14

05-Nov-

14

03-Dec-

14

COASTAL

95 LRP (c/l) 1320.00 1359.00 1395.00 1398.00 1383.00 1361.00 1392.00 1392.00 1325.00 1320.00

95 ULP (c/l) 1320.00 1359.00 1395.00 1398.00 1383.00 1361.00 1392.00 1392.00 1325.00 1320.00

Diesel 0.05% (c/l) 1260.55 1284.75 1311.95 1299.15 1269.37 1245.79 1259.79 1254.17 1228.79 1215.79

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Diesel 0.005% (c/l) 1263.95 1288.15 1316.35 1304.55 1274.77 1249.19 1263.19 1258.57 1234.19 1221.19

Illuminating Paraffin (c/l) 963.828 975.828 991.828 953.028 934.028 924.028 947.028 940.028 921.028 907.028

Liquefied Petroleum Gas

(c/kg) 2260.00 2314.00 2372.00 2350.00 2346.00 2319.00 2377.00 2365.00 2257.00 2269.00

GAUTENG

93 LRP (c/l) 1336.00 1375.00 1411.00 1416.00 1401.00 1379.00 1408.00 1408.00 1341.00 1343.00

93 ULP (c/l) 1336.00 1375.00 1411.00 1416.00 1401.00 1379.00 1408.00 1408.00 1341.00 1343.00

95 ULP (c/l) 1357.00 1396.00 1432.00 1439.00 1424.00 1402.00 1433.00 1433.00 1366.00 1361.00

Diesel 0.05% (c/l) 1287.15 1311.35 1338.55 1329.75 1299.97 1276.39 1290.39 1284.77 1259.39 1246.39

Diesel 0.005% (c/l) 1290.55 1314.75 1342.95 1335.15 1305.37 1279.79 1293.79 1289.17 1264.79 1251.79

Illuminating Paraffin (c/l) 1009.728 1021.728 1037.728 1003.228 984.228 974.228 997.228 990.228 971.228 957.228

Liquefied Petroleum Gas

(c/kg) 2442.00 2496.00 2554.00 2532.00 2528.00 2501.00 2559.00 2547.00 2439.00 2451.00

YR2013

02-Jan-

13

06-Feb-

13

06-Mar-

13

03-Apr-

13

01-May-

13

05-Jun-

13

03-Jul-

13

07-Aug-

13

04-Sep-

13

02-Oct-

13

06-Nov-

13

04-Dec-

13

COASTAL

95 LRP (c/l) 1151.00 1192.00 1273.00 1283.00 1210.00 1202.00 1286.00 1318.00 1313.00 1293.00 1265.00 1282.00

95 ULP (c/l) 1151.00 1192.00 1273.00 1283.00 1210.00 1202.00 1286.00 1318.00 1313.00 1293.00 1265.00 1282.00

Diesel 0.05% (c/l) 1086.67 1104.47 1162.85 1170.01 1114.45 1110.47 1188.67 1221.63 1235.45 1233.45 1218.25 1228.37

Diesel 0.005% (c/l) 1091.07 1108.87 1167.25 1175.41 1118.85 1114.87 1193.07 1226.03 1240.85 1238.85 1221.65 1231.77

Illuminating Paraffin (c/l) 807.128 833.128 890.128 860.328 802.328 803.328 878.328 903.328 928.328 924.328 908.328 924.828

Liquefied Petroleum Gas

(c/kg) 2047.00 2120.00 2238.00 2183.00 2102.00 2107.00 2236.00 2258.00 2267.00 2227.00 2186.00 2204.00

GAUTENG

93 LRP (c/l) 1165.00 1206.00 1287.00 1297.00 1224.00 1216.00 1300.00 1332.00 1327.00 1308.00 1280.00 1297.00

93 ULP (c/l) 1165.00 1206.00 1287.00 1297.00 1224.00 1216.00 1300.00 1332.00 1327.00 1308.00 1280.00 1297.00

95 ULP (c/l) 1186.00 1227.00 1308.00 1320.00 1247.00 1239.00 1323.00 1355.00 1350.00 1330.00 1302.00 1319.00

Diesel 0.05% (c/l) 1111.37 1129.17 1187.55 1196.61 1141.05 1137.07 1215.27 1248.23 1262.05 1260.05 1244.85 1254.97

Diesel 0.005% (c/l) 1115.77 1133.57 1191.95 1202.01 1145.45 1141.47 1219.67 1252.63 1267.45 1265.45 1248.25 1258.37

Illuminating Paraffin (c/l) 849.028 875.028 932.028 906.228 848.228 849.228 924.228 949.228 974.228 970.228 954.228 970.728

Liquefied Petroleum Gas

(c/kg) 2229.00 2302.00 2420.00 2365.00 2284.00 2289.00 2418.00 2440.00 2449.00 2409.00 2368.00 2386.00

(SAPIA online)

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Daily prices for 29 October 2014

LME Official Prices, US$ per tonne

Contract Aluminium Alloy Aluminium Copper Lead Nickel Tin Zinc NASAAC

Cash Buyer 2075.00 2011.50 6854.00 2019.00 15575.00 20145.00 2264.50 2145.00

Cash Seller & Settlement 2085.00 2012.00 6855.00 2020.00 15585.00 20150.00 2265.00 2145.50

3-months Buyer 2080.00 2013.50 6785.00 2034.00 15615.00 20165.00 2260.50 2175.00

3-months Seller 2090.00 2014.00 6785.50 2035.00 15625.00 20170.00 2261.00 2180.00

Dec 1 Buyer 2080.00 2033.00 6720.00 2063.00 15715.00 2275.00 2205.00

Dec 1 Seller 2090.00 2038.00 6730.00 2068.00 15815.00 2280.00 2215.00

15-months Buyer 20165.00

15-months Seller 20215.00

Dec 2 Buyer 2060.00 6665.00 2085.00 15600.00 2265.00

Dec 2 Seller 2065.00 6675.00 2090.00 15700.00 2270.00

Dec 3 Buyer 2095.00 6610.00 2095.00 15400.00 2240.00

Dec 3 Seller 2100.00 6620.00 2100.00 15500.00 2245.00

(London Metal Exchange, 30/10/2014)

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