Energy • ICE Brent speculative position: Similar to WTI data, positioning data released for ICE Brent yesterday showed that speculators reduced their net long by 24,366 lots, leaving them with a net long of 283,157 lots. Since the end of May, speculators have reduced their net long in Brent by 66,723 lots. • API US inventory data: Later today, the API is scheduled to release its US inventory report. Expect volatility in prices if the number is significantly different from the 1.2MMbbl drawdown the market is expecting the EIA report to show on Wednesday.

Metals • Indonesian nickel smelters suspend operations: According to Bloomberg, thirteen nickel smelters in the country, including some that are still under construction, have suspended operations, given the fall seen in nickel prices. According to the Indonesian Processing and Refining Industry Association, prices have fallen below the cost of production, which is estimated at US$9,000- 10,000/t. The smelters have a combined capacity of 750,000t pa of nickel pig iron. • Silver ETF holdings: Having seen quite the recovery over May, ETF holdings in silver have started to decline at a fairly rapid pace. Total holdings currently stand at 664moz, compared to 671moz seen at the end of May. Expectations of a US Fed rate hike (which materialised last week) have weighed on the precious metals complex.

Agriculture • US spring wheat rating: Data released by the USDA shows that just 41% of the US spring wheat crop is rated good-to-excellent, which is down from 45% last week. It looks even worse when compared to the same time last year, when 76% of the crop was rated good-to-excellent. • Indonesian sugar output: According to the Indonesian government, the country expects domestic sugar production this season to reach 2.5mt, up from 2.2mt last season. Improved weather has helped the crop this season. Meanwhile, for next season, the country is targeting 2.7-2.8mt. Indonesia is aiming to move towards sugar self-sufficiency, with an increase in acreage and a number of new mills expected to start up in the coming years.