Of particular interest this week:
GDP: historic and outlook for selected countries (including Greece). Most of the world’s key economies are growing reasonably well, with positive outlook (perhaps except Greece, though even Greece was getting ‘less worse’).
Nickel: could this be the beginning of deficit trends?
Copper: depending on how long this goes on, it will tighten and possibly shift the Cu market back toward deficit.
Copper Unions blockading Codelco’s copper mines. That represents 10% of global Cu production.
Nickel China’s imports of refined nickel increased by 250% in June!
Zinc & Lead MinQuest (MNQ) wants to acquire the Wolverine (Zn) mine. Namib Pb-Zn mine under construction.
Tin Indonesian tin smelters are finding it difficult to get credit from banks.
Aluminium China’s imports of bauxite for June up strongly.
Gold Investors off-loading gold holdings after Federal reserve statements.
Platinum & Palladium Palladium fundamentals indicate deficits ahead.
Oil The USA oil-rig count increased last week, reversing the direction from the prior trend.
Coal PCI producers’ margins under pressure, diverting sales into thermal markets.
Iron Ore Brazilian iron ore exports up strongly in June. More growth is forecast.
Shipping Cape rates benefiting from iron ore shipping.
GDP – annual increments. Greece was clearly struggling to get its head above water. The rest of the world is much better off.
USA – sales of existing houses. Record prices. Good levels of sales.
Japan – electricity demand.