Of particular interest this week:
China: After the military parade on 3rd September, what will happen to the (temporary) closures made seeking blue skies in Beijing?
Australia: coal exports – continued export growth.
Aluminium: China policy (and issues) on SOE mergers.
Base metals: Prices up, with contangos and backwardations generally tightening.
Economics: USA – encouraging growth. Japan – down on one large key segment. The rest are looking up. Germany – looking healthy.
Copper Asarco to shut its Ray copper mine in Arizona.
Nickel NPI producers switch to ferro-chrome in China. China Ni market remains in surplus.
Zinc & Lead Glencore on notice re- the Macarthur River Zn-Pb mine with potential for a ‘closure’ notice.
Tin Second Indonesian tin export approval given.
Aluminium China driving mergers of SOEs.
Gold Gold price correlates with the Vix, rather than as a refuge from equities. The correlation with equities described as a ‘coin-toss’.
Platinum & Palladium Lonmin is promoting platinum as a “Reserve” currency.
Oil Oil price increased. It is a nervous world … notably aspects of Yemen, Africa, USA & China.
Coal Glencore’s HCC offerings likely supportive for the next Qtr contract prices.
Iron Ore Slow steel demand in China. Chinese military parade on 3rd September. What happens in Hebei province after that?
Shipping Panamax ships positioning for the grain season. Cape rates down.
Australia – coal exports up in June.
USA – New Housing Starts
- Orders to Durable Goods, Vehicles, and Computers & Electronics
Japan – Orders to Machinery (detailed by segment), down but encouraging.
Germany – Industrial production, Orders to Durable Goods & Construction – encouraging