Of particular interest this week:
Oil: OPEC decided to not support prices, in order to not lose market share for its members. Broadened the onus for market-response to low prices to all producers.
Currency movements weighted by perception of OPEC’s decision on national budgets.
Lead: Professor describes need for grid-scale power storage for WA – to handle supply distortions by renewable supply relative to demand.
Aluminium: Idea to use of an aluminium smelter operation as a (large) virtual battery.
Copper – Codelco forecasts USD 6,614/t avg Cu price for 2015.
Nickel – Global Ni consumption forecast growth at 6%. Jinchuan, not BHP, secures offtake from WSA.
Zinc & Lead – Peru’s Volcan prepared for better Zn prices in 2015. Large-scale batteries needed for renewables in WA.
Tin – Latest Indonesian ‘plan’ to support Sn prices.
Aluminium – Use an aluminium smelter as a virtual battery, to offset fluctuations in renewable power supply.
Gold – India over-took China’s lead-position in gold demand in the Sept Qtr.
Platinum & Palladium – Pt & Pd price-setting to become electronic.
Oil – OPEC’s decision has wide impact(s).
Coal – Australian share of Chinese imports increased; but imports are down.
Iron Ore – Miners are trimming costs and adjusting operations to cope with low ore prices.
Shipping – Cape-size and panamax rates reduced.
Oil – Producers & Consumers – Importers & Exporters
USA – Orders to Durable Goods, Vehicles and Computers et al – good growth reported.
Japan Electricity Demand – growth is reduced.
Japan – Orders to Machinery – some segments showing good growth.
nb: new tables of Interest Rates & Asian foreign exchange data (p.27)