Of particular interest this week:

X-Y plots – it’s ‘a step to the right’ for Au.

Copper – China may release stocks into the market.

Coal – high-vol met coal in short supply. 

Iron ore – Steel market in China resumes profitability.

SUMMARY

Copper  China may shock the market with stockpile releases, according to traders.

Nickel  New Caledonia removed ban on export of Ni-ores to China.

Zinc & Lead  Zn:  IBG – Citronen, one of the largest undeveloped zinc deposits.  Pb:  Pb-acid market comments.

Tin  Peruvian San Rafael mine blockaded.   plus Sn end-uses.

Aluminium  China’s idled aluminium smelters restarting after recent price rally.

Gold  Central banks slowed gold purchases (seasonal).

Platinum & Palladium  Pt Jewellery sales in India show strong growth.  ‘Upgrading’ from gold!

Oil  Agreement at the 17 April meeting appears very unlikely.  Iran & Russia are the thorns.

Coal  High-Vol metallurgical coal is in short supply.  Very few mines produce this quality.

Iron Ore  China’s steel companies profitable since March – steel price recovery.  Pt Hedland shipments up.

Shipping  Improved Cape rates and Panamax rates, on iron ore volumes.

General

X-Y plots AUD vs:  Au, Brent oil, Cu, Zn – for Au it is ‘a-step-to-the right’, more than once, before ‘a-step-to-the-left’.

USA Construction Spending – continued strong growth.

USA Durable Goods – low positive growth, Vehicles – strong growth,  Electronics, good growth.

Japan Industrial Production – dropped in February.