Of particular interest this week:

Steel – yr-on-yr flat output, but daily rate increasing. 

Oil – US banks tighten credit – alternative (debt) mkts emerge.  

Nickel – BHP to revisit WA nickel.  The rise of Russian exports. 

SUMMARY

Copper  Codelco rethinking key development projects, expecting Cu prices to stay low. 

Nickel  BHP evaluating Venus Ni deposit in WA.  Is this a change of direction?  Deficit forecast Mar16Qtr.

Zinc & Lead  Rally in Zn prices has prompted a price response.  Global deficit forecast this year.

Tin  Bisie (DRC) constructing infrastructure. 

Aluminium  Overall, an improvement in US demand. 

Gold  USD gold price slipped on economic data.  AUD gold price is near GFC highs.  

Platinum & Palladium  Strikes started in Sth Africa.  WPIC increased its Pt deficit forecast.

Oil  US bank credit to producers tightened.  Producer selling debt to optimistic investors.  

Coal  Spot Aust HCC prices reduced on limp ex-China demand.  Thermal prices may rise.

Iron Ore  Expect the recent rally in iron ore prices to be tested by supply growth and uncertain demand . 

Shipping  Freight rates in Asia, stable this week. 

General

World Steel –  ~flat yr-on-yr, but avg daily rate increasing.

USADurable Goods, Vehicles, Computers & Electronic products – slow growth.

Japan – Orders to Machinery – varied by segment but overall flat.