Of particular interest this week:
- Illustration of a couple of simple growth models … China’s growth will likely be a blend of these.
- Some signals (from China and Japan) that may indicate the thermal coal market is bottoming.
- USA’s economy and China’s economy both reported data indicating recovering growth.
- India’s exports increased.
Copper – Prices down on SHFE inventory increases. May just be a relocation to a more secure spot.
Nickel – Ni laterite inventories at Chinese ports continue to fall.
Zinc & Lead – USA reported strong auto sales for July. Analysts remain bullish on outlook for zinc.
Tin – Indonesia to tighten provisions in its bans on exports of tin materials.
Aluminium – Increasing Chinese output of aluminium is likely to constrain price increases.
Gold – India’s exports increased strongly but gold imports increased the trade deficit.
Platinum & Palladium – South Africa’s National Salary Bill is to increase markedly due to the outcomes of the Pt strike. .
Oil – USA exported crude oil this week, against a 50-yr old ban on sales of oil abroad.
Coal – China seeking to “stabilise” thermal coal. Japanese seeking spot cargoes. Signals of a bottom?
Iron Ore – India becoming a significant iron ore importer.
Shipping – Risks of shipping Nickel (laterite) Ores.
China’s Industry & growth models. Expansion of manufacturing in July signals a pickup in growth.
USA: PMI, Construction Spending. Strong PMI numbers for July.
Japan: Industrial Production. Slowed in June.