Of particular interest this week:
Base Metals –all LME inventories decreased and prices (contango / backwardation) tightened this week.
Oil: Saudi is already learning about the pain threshold of North America
Iron Ore: swaps prices may indicate support.
Coal: The thermal coal JFY contract settlements (-17% in USD terms) were actually an improvement for the Australians.
SUMMARY
Copper Chile reduces Cu output forecasts.
Nickel Still too early to be certain of a meaningful Ni deficit in 2015.
Zinc & Lead Zn prices forecast to firm through the year.
Tin The tin market can live with Indonesian supply constraints.
Aluminium Prices forecast to firm through 2015, though inventories remain an issue.
Gold Top 20 gold consumer countries for 2014.
Platinum & Palladium Market forecast to remain in deficit in 2015.
Oil Baker Hughes Rig Counts – North America has clearly taken the largest hits.
Coal Australian thermal contract settlements are actually an increase in AUD terms.
Iron Ore Iron ore Swap prices – may have found support, for now.
Shipping South American grain season offers little support for panamax.
General
Currency: The RUB is recovering. However the oil price has not.
Base metals: all inventories reduced – again
Iron ore Swap prices – may have found support, for now.