Of particular interest this week:
Glencore’s views from its London Investor-Day … on Cu, Ni, Zn. ó 2015 should see improved outlook for these metals.
Currency: USDRUB – the fall in the rouble (RUB) is acting to buffer the oil price drop for the Russians.
Copper – Glencore doubts a copper surplus in 2015.
Nickel – Market to be ‘balanced in 2015 with deficits thereafter’ (Glencore).
Zinc & Lead – Glencore expects LME Zn stocks to deplete by 2019.
Tin – Indonesian tin exports plummeted in November.
Aluminium – LME inventories of Al, held 50-79% by one entity!
Gold – Russian gold holdings increased then reported gold sold for the money!
Platinum & Palladium – Implats selling shares to employees to align interests.
Oil – IEA warns of lower oil prices in 2015. Some win, some lose. Oil price in RUB is buffered by the large fall in the USDRUB rate.
Coal – Initial metallurgical-coal settlements for March 15 Qtr – down a little. “Sanmei” defined for household use!
Iron Ore – 220 Mtpa of seaborne iron ore supply is cash negative. Vale expects prices to rise.
Shipping – Rates down on lower iron ore chartering activity.
Australia – Exploration Expenditure (Sept 14 Qtr). – down but ‘steadying’.
nb: new tables of Interest Rates & Asian foreign exchange data