Of particular interest this week:
Singapore– the oil tanker parking lot (184 on my count). More than a few (stationary) cargo vessels too.
Oil – too much floating crude. 40x at Singapore, aside from those rumoured in the Middle East (which may not have their transponders on (for good reasons).
Coking Coal: tightening.
Price Volatilities – some patterns developed.
Copper China’s copper inventories high. Prices said likely to be low for 2 yrs. Zambia passed new royalty laws (at least there is certainty).
Nickel Norilsk still making money in Ni production and calls for further production cuts (from others).
Zinc & Lead Red River Resources (RVR) increased Resources 42%. Zn demand higher than output in March.
Tin Return of Indonesian production likely to undermine prices.
Aluminium Bell Bay (Tas) to return to planned production after rainfalls.
Gold Prices down for third week on expectations of FOMC cuts in June.
Platinum & Palladium Norilsk purchasing palladium. Zimbabwe producers calling for massive funding injection.
Oil Too much physical crude in floating storage, and increasing, for the glut to be over.
Coal Coking coal still tight, but prompt demand cooled. Thermal prices moving up slightly.
Iron Ore Chinese steel price recovery may be batted down. Entering a seasonal slow period.
Shipping Cape rates up Panamax softening.
Singapore – A map of the oil tanker parking lot. The oil glut is not over, at least not in Asia.
USA – Housing Starts & Industrial Production. Clearly slowed down.
Commodity Price Volatilities & Prices – some patterns developing, as interest levels shift.