Of particular interest this week:
– China – Industrial output continues to show reasonably good growth.
– Philippines’ proposed ore export ban may take years to implement.
– Indonesia’s dominance as a tin exporter may be losing its impact. This is a price that often is paid when trying to manipulate prices.
– China’s new coal rules are confusing participants, but may actually be beneficial to Australian exporters (subject to interpretation).
– Russia and Zimbabwe – an agreement for joint platinum production – scary but true!
Copper – Mongolian tax dispute with RIO re: Oyo Tolgoi resolved. Expansion awaits feasibility study.
Nickel – Philippines proposed ban on ore exports might not take effect for 7 years.
Zinc & Lead – USA’s pennies contain more value in zinc than face value.
Tin – Indonesia’s dominant position in the market may be losing power.
Aluminium – AWU calls for exemption for smelters from RET. Aust smelters closed. Oman planning expansion.
Gold – Outlook for gold price to slide as USA winds back QE – Investors need to be selective.
Platinum & Palladium – Russia & Zimbabwe plan mining Pt & Pd jointly. Russia would also like to supply military hardware!
Oil – Large oil companies are (again) stockpiling oil (in ships) at sea.
Coal – China’s new coal rules are confusing participants. Likely beneficial to Australian producers.
Iron Ore – Chinese iron ore imports continue to grow (slowly). Prices kicked early in the week, but faded.
Shipping – Capesize rates down, but Panamaxes benefiting from grain season(s).
Port of Singapore – overall shipping rates slowed to < +1% p.a. yr-on-yr. weighed down by bulks.
China – Injecting liquidity into its large banks.
- Industrial output continues to record strong growth, (albeit a bit slower than prior years).
USA – Housing Starts, Industrial Production – stable growth.
Japan – Electricity demand, Industrial Production – slow –ve growth.