Of particular interest this week:
Copper: supply disruptions.
Coal: new benchmark prices – well above spot.
Backwardation & Contango: base metals and comments on gold.
Oil: IEA Report – expects strategic Reserves to absorb surplus.
Copper Supply disruptions continue to tighten the Cu market.
Nickel Glencore commits to 50% of Nova’s Ni output .
Zinc & Lead Zn TCs reduce. Drilling to start at Balaclava. China’s auto market slows.
Tin Indonesia exports of refined Sn are down on prior year.
Aluminium Norsk Hydro secures Al-price linked electricity contract.
Gold Analysts believe Au is seeking support near USD 1,100/oz, but is ‘not out of the woods’.
Platinum & Palladium Constructive sale of Rustenberg Pt project.
Oil IEA September report – Surplus oil likely soaked up by Strategic Reserves.
Coal Benchmark settlements – Metallurgical and Thermal coals, both well above spot.
Iron Ore China’s steel mills re-stocking iron ore inventories.
Shipping Capes firmed. Panamax slid further.
USA: Sales of Existing Homes – Sales growth strong. Inventory at stable levels.
OECD CLI: – positive growth for emerging economies. Slower growth for developed economies.