www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesAustraliaLtd.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE15.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.GlobalResearch18January2018GlobalMiningStrategyAluminium/Alumina:MindtheGapAluminium:ShanghaialuminiumpricetradingatabigdiscounttoLMEWethinkthishighlightsdownsiderisktoLMEpricesinthenextcoupleofmonths.TheChinamarketcontinuestoshrugofftheimpactofwinterheatingwithproductionadequate.ThiscanbeseenbyinventoriescontinuingtoliftfromNovtoJan-18.ExportstoohaveliftedencouragedbytheLMEpremium.Themajorsupportshorttermseem