Energy • US crude oil inventories: Yesterday’s EIA report showed that US crude oil inventories fell by 2.17MMbbls over the week, the first significant decline seen this year. However Cushing, Oklahoma crude inventories increased by 276Mbbls, taking total Cushing inventories to a record 69.4MMbbls. • Chinese oil imports: Latest data from China showed that crude oil imports over March totalled 38.95m tonnes, which is a new record for monthly imports. Crude oil inflows for the month were 19% higher YoY, and 23% higher MoM. Stronger imports have come about as a result of declining domestic production.

Metals • China iron ore imports: Preliminary Chinese customs data shows that China imported 95.56m tonnes of iron ore over the month of March, which is 11% higher YoY, and 14.5% higher MoM. Iron ore inventory at Chinese ports remains at elevated levels, and we expect import demand to slow moving forward as a result. • Chinese aluminium exports: China exported 410,000 tonnes of unwrought aluminium and aluminium products over the month of March according to preliminary customs data. This is significantly higher than the 260,000 tonnes exported over February, but still 2% lower YoY. The stronger price environment should support higher Chinese output, leading to an increase in the country’s exportable surplus.

Agriculture • Malaysia cocoa grinding: Latest data from the Malaysian Cocoa Board shows that cocoa grindings over 1Q17 totalled 54,384 tonnes, a 15.7% increase YoY. However the grinding numbers were almost 5% lower than the 57,029 tonnes that was processed in the previous quarter. Although this decline is seasonal, and the grinding numbers are still fairly constructive for demand. • Chinese soybean imports: China imported a total of 6.33m tonnes of soybeans over March 2017, 4% higher YoY, and 14% higher MoM. Total Chinese soybean imports over 1Q17 totalled 19.5m tonnes, 20% higher YoY. However with Chinese crush margins now negative, we should see a slowdown in imports moving forward.