Of particular interest this week:
Base metals: All prices up and most inventories down.
Oil: US rigs still reducing though output not likely to fall till 2016.
Nickel: deficit forecast to deepen.
USA: encouraging data on existing home sales.
Aluminium: Issues regarding recycling of cans. Could be a crisis in two years.
Gold: Support at USD 1,200.
Copper Expectations of Chinese stimulus is keeping prices in backwardation.
Nickel Ni deficit forecast to deepen (despite inventories).
Zinc & Lead Nyrstar is to reduce Zn production outlook. New competition in non-nuclear submarines.
Tin Not much new in the Sn market. However prices are increasing and inventories falling.
Aluminium Recycling – one can at a time.
Gold MayDay holidays (in Asia) contributing to thin trading.
Platinum & Palladium Some years yet to achieve a Pt deficit.
Oil Rigs reducing in USA. Production likely to increase until 2016.
Coal Met-coal contracts: spot vs term. Indians are moving to spot. Chinese offtake of Indonesian thermal is down.
Iron Ore BHP & Vale (temporary) slowing of output may trigger a rebound.
Shipping Storms and iron ore movements help Cape & Panamax rates .
Base metals: all prices increased and only Ni & Cu inventories increased.
USA – Existing Home Sales, PMI Index, Construction Spending. Broadly the US economy looks in good shape. Good data from Existing homes.
Japan – Industrial Production