Of particular interest this week:
Base Metals – Cu, Zn, Ni: all LME inventories decreased and prices (contango / backwardation) tightened this week.
Japan: Indicators (IP, Orders to Machinery) are turning positive. It is a gradual process.
Oil: Outlook for avg 2015 price to improve on current spot.
Iron Ore: Demand is growing but supply is (currently) growing faster.
Shipping: expect cheap freight for a while yet.
Copper Supply issues abound. China’s moderating growth has end-users operating hand-to-mouth. Based on that, this market could turn quickly.
Nickel Manufacturing ‘rebound’ in China, indicated by PMI for March.
Zinc & Lead Zn: gap between production and consumption is widening. Pb: e-Bikes, e-Scooters, e-Harleys!
Tin Kasbah’s Ammach DFS revised to improve returns.
Aluminium Guinea still struggling to control ‘Ebola’.
Gold Indian jewellery group investing in Australia, in jewellery and in mining.
Platinum & Palladium South African government re-interpreting BEE rules. Not attractively.
Oil Avg price for 2015 forecast is for improvement on spot.
Coal SSCC & LVPCI & thermal prices settled. Jameson HCC progressing in BC.
Iron Ore Price still falling. Chinese steel demand growing. Pt Hedland shipments remain strong. Chinese ports inventory is down.
Shipping Scrapping is taking in younger ships. Market will take a while to balance. Likely to mean cheap freight for longer.
Japan: Industrial Production – positive growth.
Japan: Orders to Machinery – with positive growth.
USA: Purchasing managers’ Index – slower positive growth.
USA: Construction Spending – positive growth, except residential.