Metals &Mining Alert:Daily prices and news,President Trump issues Tax Reform framework

Industrials (/lb): aluminum $0.97(+0.3%), copper $2.92(+0.4%), lead $1.12(-1.0%), molybdenum $7.14(+0.0%); nickel $4.64(-2.3%); zinc $1.41(-0.4%);Precious (/oz): gold $1,283(-0.9%), silver $16.77(-0.3%); Steel (/mt): ChinaHRC $610(+0.6%), SHFE Rebar $549(+0.7%), MB Scrap Index $300(-3.3%);Bulks: iron ore (/dmt) $64(-1.2%), coking coal (/mt) $198(-1.3%), freight (BCI)2,942(-5.1%); Energy: Brent (/bbl) $57.90(-0.9%), WTI (/bbl) $52.14(+0.5%),natural gas (/mmBtu) $2.97(+1.9%), thermal coal (/t) $97(+0.3%).

    Trump administration releases Unified Tax Reform Framework. With a goal ofraising American salaries and bringing more jobs and dollars into the economy,the framework shrinks the current 7personal tax brackets into 3(12%, 25%and 35%). Other key highlights: corporate tax to be set at 20% (vs. 35%), whilesmall and family-owned business would be taxed at 25%. Expensing of capexto be allowed for 5-years. However, this reform could cost the government upto $3tn over 10-years, so it is still unclear which parts of the proposal will make itto formal legislation. We believe there is a prospect for some reforms occurringat the corporate level, especially with small corporates, but the potential forsubstantive reform of personal tax is lower. (Reuters, DB)