Of particular interest this week:

China:   – finished products showing more growth than output of raw materials – progress toward a consumer economy

Oil:  oil is in a tenuous state, with ample latent supply in some countries and potential for substantial disruption in others, and an outlook for long term low prices. 

Coal – HCC and thermal prices performing.

SUMMARY 

Copper  Cu prices underperforming its peer metals  Outlook for recovery in 2018. 

Nickel  Hugh Morgan – Ni discovery in Nigeria.  

Zinc & Lead  Zn price rising as shorts close out.  China to standardise recycling of Pb-acid batteries.

Tin  SRZ (emerging) & MLX (producer).  Sn mkt currently tightening. 

Aluminium  RIO’s aluminium smelters on market.  Possibly also the profitable alumina refineries.

Gold  Australian gold production at 15 yr high.  

Platinum & Palladium  South African wage negotiations could lead to strikes. 

Oil  Several factors affecting oil price outlook. … incl North America rig counts.

Coal  HCC spot prices up strongly on broad-based rally.  Thermal responding to Chinese action on oversupply issues.  

Iron Ore  Iron ore price muted by mill closures for G20 clear-skies campaign. 

Shipping  Cape rates up Panamax down. 

General  

USA – Electricity end-use – as an indicator, do not look to USA for growth in demand for commodities either directly or indirectly.

USA – Durable Goods, Vehicles, Electronics & Computers

USA – Purchasing Managers Index

China – Output of Industry – finished products showing more growth than output of raw materials – progress toward a consumer economy?