Analyze supply-demand fundamentals for a commodity: 1. Demand Analysis: - Global consumption by region - End-use breakdown - Demand growth drivers - Price elasticity of demand - Inventory held by consumers 2. Supply Analysis: - Production by region/major producers - Capacity utilization - New capacity pipeline - Cost curve positioning of producers - Supply disruption risks 3. Inventory Assessment: - Current inventory levels (absolute and days of consumption) - Inventory trend and rate of change - Location of inventories (exchange vs. off-exchange) - Historical inventory percentile 4. Balance Projection: - Current quarter balance (surplus/deficit) - Forward quarters projection - Sensitivity to demand/supply assumptions 5. Price Driver Analysis: - Marginal cost of production - Incentive price for new supply - Speculative positioning (CFTC data) - Currency impact 6. Seasonality: - Seasonal patterns in supply/demand - Current period vs. seasonal norm 7. Price Outlook: - Near-term (3M) - Medium-term (12M) - Key catalysts and risks