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.