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.

 SUMMARY

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.

General

Australia – Exploration Expenditure (Sept 14 Qtr).  – down but ‘steadying’.

nb: new tables of Interest Rates & Asian foreign exchange data