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.

SUMMARY

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.

General

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.