In a nutshell: . ANTOFAGASTA (-): 1Q25 production preview - ticking down from a very strong end of year . VALE (=): 1Q25 production preview - seasonally weaker quarter Daily Prices as of April 14th / PRICE MOVERS . MACRO/COMMODITY WRAP: Tariffs again remain a dominant theme this morning with Trump''s administration initiating a trade probe into semiconductor and pharmaceutical imports. The probes were ordered under Section 232 and under law are expected to deliver results of the investigation within 270 days. Base metals futures mostly lower on the SHFE this morning amidst ongoing uncertainty over US tariffs; zinc -0.7%, copper -0.5%, aluminium -0.4%, nickel +0.6%. The Yangshan copper cathode premium ticked down USD 2/t from last week''s YTD high but has remained supportive through the tariff volatility. Iron ore futures edging higher this morning with the active contract in Singapore +0.4%. Pig iron production in China recorded a slight increase last week. Iron ore shipments from Australia''s Port Hedland increased to 50.7Mt in March vs 37.1Mt in February according to data from Pilbara Ports Authority. Gold (USD 3,227/oz) edged higher to trade just below a record high as US plans to impose more tariffs have stoked more investor uncertainty. . Macro data this week: Eurozone Industrial Production (consensus +0.1% m/m) and US Empire Manufacturing (consensus -10.0) today, Eurozone CPI (consensus +2.2% y/y), US Retail Sales (consensus +1.4% m/m) and US Industrial Production (consensus -0.2% m/m) tomorrow, US Initial Jobless Claims (prev 223k) on Thursday. China data this week: China will report its first quarter GDP this Wednesday (cons. 5.2% y/y) alongside March Industrial production (cons. 5.9% y/y), Retail sales (cons. 4.4% y/y), and FAI (cons. 4.0% y/y). / PREVIEW ANTOFAGASTA (-): 1Q25 production preview - ticking down from a very strong end of year ANTO reports 1Q25 production tomorrow morning at 7am UK time. . We forecast 1Q25 copper production...