I knew . . . that commodity prices were still going to move up [in] 2005 . . . but the extent of the increases has been a little higher than even I had imagined.

The prices right now for a number of the base metals are really in uncharted territory.

There is a shortage of zinc concentrates around the world and that shortage is constraining smelter production in China and places like South Korea and keeping supplies fairly tight.

What I conclude from this is that we need another export outlet for our crude oil. I suggest China and Japan would be excellent outlets for some of this crude.

Oil & Gas was the only sub-component to decline last month. Rising ‘geopolitical risk premiums’ for light crude oil – linked to recent unrest in Nigeria and international tensions over Iran’s decision to resume nuclear...

There is a very tight basic supply/demand balance around the world, and economic growth has been surprisingly strong so far this year.

In addition to huge nuclear expansion in China, India and Eastern Europe, President Bush continues to promote the expansion of U.S. nuclear power — a goal we note would help to alleviate a growing U.S....