Of particular interest this week:

Drill Rig Count – US gas vs oil rigs

Copper – market in balance 2016-17

China – CNY devaluation looming.  Likely to reflect the majority of its TWI currency makeup, not just the USA.  Get it over with.

SUMMARY

Copper  Global Cu market forecast to be in balance in 2016-17.

Nickel  Ravensthorpe Ni reduces workforce but plans to continue production after April maintenance.

Zinc & Lead  IBG has received a draft Benefit Agreement for the Citronen project.

Tin  Alphamin’s funding on track for its DRC Bisie tin mine.

Aluminium  Bell Bay hydro-power shortages.  Rusal plans to start its new Boguchansk smelter.

Gold  Despite falls in gold price through 2015, miners have increased free cash flow.

Platinum & Palladium  Pt recycle rates reduced with reduced steel prices.

Oil  Oil price rally followed ‘bottom’, but may have been a bit too much at once.  LNG prices buffered.

Coal  Interest in Australian coking coal has picked up.  Supply has tightened.

Iron Ore  Last week’s iron ore price rally hit a wall mid-week.  Chinese production cuts may exceed targets.

Shipping  Shipping rates increased.

General

Baker Hughes – World Drill Rig Count:  continuing to slide, but US gas rigs may be at bottom.

China – CNY:  expected to devalue further, but quickly or slowly, is not known.

OECD Composite Leading Indicators:  Some promise of improvement, but a bit of a mixed bag.