Of particular interest this week:

AUDUSD & Interest Rates – a bit of history – should we consider a lower risk-free discount rate, or will the long term rates recover to pre-crash levels ?

Nickel – inventories in China- running down.

Bauxite – Chinese stockpiles good into 2015, but not beyond?

Oil prices and OPEC country budgets – expectations not meeting reality, due to USA’s surge in production and pullback on imports.

Metallurgical coal – activity increased, but not prices (yet).

Physical demand for iron ore and metallurgical coal has not waned … the producers are over-supplying the markets.

SUMMARY

 Copper  Workers at Grassberg call off a planned month-long strike.

Nickel  China is forecast to consume its Ni-ore inventories by April 2015.

Zinc & Lead  MMG confirms Century will close in the Sept-15 Qtr, later than expected. TCs increase.

Tin  PT Timah’s tin output is forecast to increase by 12% this year.

Aluminium  China may face a 10-15 Mt bauxite shortage if Indonesia’s bans continue, as promised, into 2015.

Gold  Sale of gold coins peaked early in Diwali.  Three potential new uses for silver.

Platinum & Palladium  Zimbabwe secures another significant expansion to platinum process facilities.

Oil  Oil prices are trading below the budgeted levels for several OPEC nations.  Politics and economics collide.

Coal  Spot met-coal activity improving.  WICET start-up is challenging, for all.

Iron Ore  Development of iron ore in Mauritania slowed due to low iron ore prices.

Shipping  Capesize mkt up!, on strong iron ore demand.  Panamax down!

General  

USA – Durable Goods Orders, Orders to Vehicles,
Orders to Computers and Electronics (with emphasis on electronics).

Australia – AUDUSD vs Interest Rates – a bit of history.