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!

SUMMARY

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).

General

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.