Of particular interest this week:

USD Trade Weighted Index:  Comparison vs commodity prices.

Zinc:  TC RCs reduced

Iron Ore:  Price up-tick despite reduced Chinese steel output.

Oil:  Expect low prices for longer

Steel:  Three countries account for global output growth.

SUMMARY

Copper  Increased Cu production forecast from Peru and Ecuador.

Nickel  Ni laterite – New Caledonia, Palmer.

Zinc & Lead  Chinese Zn output declines.  EC clears  Trafigura’s holding in Nyrstar.

Tin  WBMS – Sn deficit Jan-Oct 2015.

Aluminium  Optimism re: China stimuli.

Gold  Price outlook (in USD) is uncertain, and is contingent on USD vs other catalysts.

Platinum & Palladium  Zimbabwe’s foreign ownership (indigenisation) laws threaten investment flows.

Oil  Prices expected to average USD /bbl for 2016, (and longer).

Coal  Holiday periods slowing trade activity this week.

Iron Ore  Iron ore price lifted above 40 USD/t.  Supply tightened even as Chinese steel mills cut production.

Shipping  Softer trade levels in Capesize countered by Panamax demand.

General

USD Trade Weighted Index – trends with commodity prices

World Crude Steel (Nov data).  Three countries have driven global supply growth since 2008.

USA:  Orders to Durable Goods, Vehicles, Electronics & Computers

Japan:  Electricity Demand: