Positive macro-economic data from major metal consuming countries were not able to improve pricing conditions, mainly because the recovery of many economies is still fragile and the general consensus is that there are still some risks. Oil prices were hardly affected by the Fed tapering announcement. The indirect impact of higher USD and rising US yields will be felt in the course of 2014. US Natural gas found strong support due to rising heating demand and a drop in inventories. The Ukraine/Russia deal does provide some certainties for Europe.