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  Iran discussing establishment of a Cu industry with Glencore (& RIO). 

Nickel  Cerro Matoso cut-backs (S32).  Akelinkongo evaluation (SRI).  POS increases Resources.

Zinc & Lead  Large Zn-Pb Resource at Teena (RXL). 

Tin  A bit of Cornish tin history. 

Aluminium  China’s bauxite imports expected to increase. 

Gold  Factors currently affecting gold price.  Malaysian decline forecast to reduce

Platinum & Palladium  Auto-catalyst scrap supply reduced.  Sibanye strike continues. 

Oil  Price response:  US rig numbers up.  OPEC holds its ground.  Nigerian supply at risk.

Coal  Chinese utility buying boosted market sentiment.  Indonesia trying to limit exports to extend DMO. 

Iron Ore  Mixed signals. 

Shipping  Buoyed by bullish sentiment. 

General

World Steel – Short Run Outlook – positive demand growth outlook except for China.

USA – PMI – generally positive outlook.  Orders to durables & production lead.

Japan – Industrial Production – negative yr-on-yr growth continues.

Germany – Indust. Production, Durable Goods, Construction – Low growth IP, but orders good.