market. Nitaxis sees the Chinese Stare Reserve Bureau cutting its purchases from 600-700 kMT in 2014

market. Nitaxis sees the Chinese Stare Reserve Bureau cutting its purchases from 600-700 kMT in 2014 to ~300 kMT in 2015 as domestic supply catches up with demand. Zinc open interest is looking very high leading Macquarie to suggest that prices may be going down this quarter. Shanghai Aluminium on warrant stocks are down 3.52% to 46.9 kMT. LME Aluminium on warrant stocks are flat at 1852.2 kMT. Shanghai Copper on warrant stocks are up 0.97% to 31.1 KMT. LME Copper stocks are up 0.67% to 155.1 kMT. LME Nickel stocks are down 1.21% to 324.4 kMT. Copper Vols are up 0.28% in the front, Ali Vols unch, Nickel Vols are unch in the front, up 0.27% in the back, Lead and Zinc Vols unch Upcoming Data 8/1- EC Consumer Confidence-Surv -10.9, Actual -10.9, Prior -10.9 8/1- US Initial Jobless Claims-Surv 290k, Actual 294k, Prior 298k Regards, Prateek Please access the link for disclaimer: http://globalmarkets.db.com/new/content/3045.html Deutsche Bank External Business Conduct Standards can be found at www.DB.com/doddfrank This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. HOUSE_OVERSIGHT_030858