<table><tr><th>From:</th><th>Daniel Sabba</th></tr><tr><td>Sent:</td><td>Tuesday, March 31, 2015 8:07 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Cc:</td><td>Vahe Stepanian; Ariane Dwyer</td></tr><tr><td>Subject:</td><td>FW: EOD Commodities Note - 31 Mar</td></tr></table>

Prateek Jain
Sent: Tuesday, March 31, 2015 4:06 PM
Subject: EOD Commodities Note - 31 Mar

OIL

All eyes on Iran talks today which were extended by = day into Wednesday. Earlier in the day, a US official suggested that nego=iation may continue another day past deadline if 'it's useful =o do so'. Another Russian official commented that a deal was 'closer and closer'. This optimism about an ag=eement, at least on some points, weighed heavily on oil today with Brent d=opping 2.5%. In my opinion, even if the talks end positively with agreemen= on key points, the deal has been softened enough compared to what was originally sought by President Obama, and is g=ing to face a tough challenge being approved by a skeptical Congress, whic= is in fact proposing to impose new sanctions on Iran.

Nigeria's elections ended today easing the pol=tical tension, with the ex-military ruler Buhari's winning against t=e incumbent President. In short term, this eased any immediate violence co=cerns in the country, but this shift in power can lead to the movement of the Boko Haram violence to southern oil produc=ng region of Nigeria and any developments there need to be carefully watch=d. In other news, Yemen rebels seized military base at Bab el-Mandeb, over=ooking the key shipping route while Saudi-led coalition kept bombing Houthi occupied sites..

Vols were stronger with wings being bought aggressiv=ly today as oil can move quickly away from current levels depending on Ira= deal outcome.. overall vols gained about 1% across the curve</=>

<table><tr><th></th><th>&amp;=bsp;</th><th>&amp;nb=p;</th><th colspan="4">=nbsp; WTI (/change) &amp;=bsp; &amp;nb=p; BRE (/change)</th></tr><tr><td>1O.5</td><td>&amp;nbs=;</td><td>=nbsp;</td><td>52.50%</td><td>+1.45%</td><td>&amp;nbs=;</td><td>&amp;=bsp; 51.10% +1.05%</td></tr><tr><td>M15</td><td>&amp;nbs=;</td><td>=nbsp;</td><td>51.20%</td><td>+2.10%</td><td>&amp;nbs=;</td><td>&amp;=bsp; 47.90% +0.90%</td></tr><tr><td>Z15</td><td>&amp;=bsp;</td><td>&amp;nbs=;</td><td>37.10%</td><td>+1.00%</td><td>&amp;nbs=;</td><td>+0.70%</td></tr></table>

<table><tr><th>Z16 &amp;nbs=;</th><th>&amp;=bsp;</th><th>26.20%</th><th></th><th>+0.10%&amp;n=sp;</th><th>=</th><th>26.40%</th><th>+0.55%</th><th></th></tr><tr><td>Metals </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3m Ivls</td><td>&amp;nb=p;</td><td>=nbsp;</td><td colspan="2">dod change&amp;nbs=;</td><td>support</td><td>&amp;nbs=;</td><td>&amp;=bsp;</td><td>resistance</td></tr><tr><td>Al $1785</td><td>=nbsp;</td><td>&amp;n=sp;</td><td>-$12.5</td><td>&amp;n=sp;</td><td>$1=50</td><td></td><td>=nbsp;</td><td>$1800</td></tr><tr><td>Cu $6041</td><td>=nbsp;</td><td>&amp;nb=p;</td><td>-$41</td><td>=nbsp;</td><td>=nbsp;</td><td>$6000</td><td>&amp;nb=p;</td><td>$6300</td></tr><tr><td>Zn $2081</td><td>&amp;=bsp;</td><td>&amp;nb=p;</td><td>-$28</td><td>&amp;nbs=;</td><td>&amp;=bsp;</td><td>$2000</td><td>&amp;nbs=;</td><td>$2100&lt;=o:p&gt;</td></tr><tr><td>Ni $12,395</td><td>=nbsp;</td><td>&amp;nb=p;</td><td>-$485</td><td>&amp;nbs=;</td><td colspan="2">$12,=00</td><td>=nbsp;</td><td>$13,000</td></tr><tr><td>Pb $1820</td><td>=nbsp;</td><td>&amp;n=sp;</td><td>-$5</td><td>&amp;=bsp;</td><td>&amp;nbs=;</td><td>$1800</td><td>&amp;=bsp;</td><td>&amp;nbs=; $1900</td></tr></table>

The base complex traded down in the morning then pic=ed up on improving customer confidence only to crash off again at close.&n=sp; China has reduced the deposits required from home buyers for the secon= time in 6 months in an attempt to boost sliding house prices, which should have knock on effects in the copper and=nickel markets. Nickel continues its slide as CTA funds have s=ld off heavily on the supply crunch failing to materialize and demand from=the stainless steel market evaporating. Nickel ore supplies are also returning from the Philippines as the rainy s=ason ends, adding further supply pressure. Chinese NPI producers are=cutting production, selling stocks or attempting to secure loans on the ba=k of stocks in warehouses. Rio Tinto have resolved the their tax dispute with the Mongolian government over therOyu Tolgoi copper mine but financing still needs to be negotiated over pha=e II of the development there. Zambia's Mining and finance min=sters have indicated that they may consider temporarily reverting to the old tax regime or making deals on a mine by m=ne basis as the IMF applaud their efforts to compromise and encouraged the= to implement a transparent system that applies to all mines. Vietna= is expected to increase its aluminia output by 20% to 650kMT/year as its first plant reaches full capacity this=month.

Shanghai Aluminum on warrant stocks are flat at 108.= kMT. LME Aluminum on warrant stocks are flat at 1888 kMT Shang=ai Copper on warrant stocks are flat at 86.7 kMT. LME Copper stocks =re up 0.11% to 252 kMT. LME Nickel stocks are up 0.41% to 332 kMT.

Copper Vols are down 0.5%, Ali Vols are down 0.25%, =ickel Vols are up 1%, Lead Vols are unch Zinc Vols are unch

Upcoming Data

30/3-Chicago PMI-Surv 51.7%, Actual 46.3%, Prior =5.8%

30/3-US Consumer Confidence Index -Surv 96.=, Actual 101.3, Prior 96.4

Regards,

Prateek

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