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Focus: Our estimate shows that since 2005, crude oil reserve building has been a major theme for the oil market in China. The speed of reserve accumulation appeared to have slowed down. Meanwhile, Korean refineries （练油厂）have been snapped up at Forties crude cargoes since the sign of a trade agreement between the EU and Korea.（抓住，抢购）

    In Shanghai, copper found steady support the whole day on the back of a stronger equity market. With the LME/SFE ratio keeping steady, there was very good two-wayinterest. With little movement in the outright price the physical market remains sub-dued too. Since the start of the week, turnover in aluminium has been exceptionallylow too. Aluminium is in the middle of the recent trading range of $2,150 — $2,350.（the LME/SFE ratio  LME /超临界萃取率）

      Caution appears to be the order of the day, as markets look to this afternoon’s FOMC announcement. The consensus view（一致的看法） is that the Fed will leave policy unchanged—we concur. The reaction from precious metals will largely be dictated by the extent to which participants still harbour expectation for further monetary policy accommoda-tion.

    Oil weakened slightly after a relatively quiet trading day on Monday. WTI and Brentlost $1.06/bbl and 64c/bbl respectively. March ICE gas oil futures contracts expired yesterday on a strong note, at the highest level since May last year, but lead to some sell off in the time spread at the front-end of the forward curve. The Brent structurewas a touch softer, and so were most physical price differentials.