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)
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.
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