The fact is we have massively underestimated the impact of investment fund flows into the sector.

It would appear that the market is simply looking ahead to the tightness looming for later in the year.

It is unlikely that the physical market will suddenly assume a lead role. This means that price rises will again be strongly driven by investors.

While much of the criticism is factually incorrect or misleading, it is undoubtedly having a political impact.

Any risk of a disappointing road opening is fading fast.

Analysts said HP's first quarter growth rate is partially inflated by a weak performance one year ago, when the company experience supply problems.