Of particular interest this week:

OECD Composite Leading Indicators:  mostly improved conditions ahead.

Currency: USDRUB – the fall in the rouble (RUB) is acting to buffer the gold and oil price falls for the Russians. (graphs p.7)

Gold :  Russian buying (graph p.14)

SUMMARY

Copper  – Revised data suggests China’s economy is larger than previously thought.  This is a plus!

Nickel  – Ravensthorpe Ni mine suspended ops.  China’s Ni inventories are reducing.

Zinc & Lead  – Prend Oreille operations commenced shipping Zn concentrate.  A look at demand for E-bikes.

Tin  – China is virtually self-sufficient at a refined tin level.

Aluminium  – Global Al premiums are forecast to increase in 2015.  Deficit forecast in the world ex-China.

Gold  – Russia’s Central Bank has been buying gold (not selling), since early 2008.

Platinum & Palladium  – Palladium: anticipating higher  prices in 2015.

Oil  – Potential that USD 60/bbl (Brent) is not a floor price after all.  Saudi is being staunch!

Coal  – Maules Ck in production.  Indonesia to increase royalty rates for IUP operators.

Iron Ore  – WA Government putting up a (deferred royalty) assistance package for (small) iron ore miners.

Shipping  – Shipping rates down markedly.

General

Singapore Shipping – Bulk shipping of raw materials is very slow, but container traffic it booming.

OECD Composite Leading Indicators :  these data imply improved industrial conditions ahead.

USA – New Housing Starts:  -ve yr-on-yr is driven off high prior period data, not a new downtrend.

  • Industrial Production:  growing strongly.  Would actually like to see it slower.

Russia – downfallen RUB has boosted RUB prices for Au and Oil.  – a mixed blessing.

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