Of particular interest this week:

USD vs gold prices:  correlations variable and not all that strong.

Copper:  prices under pressure near term.

Zinc:   Supply boost may take some heat out of prices (near term).

Platinum:  Zimbabwe political risk rears its head (again)..  

Coal   HCC & SSCC settlements, thermal coal switch to SSCC where practical.

Oil:  Iran opening up. 

SUMMARY  

Copper  Copper seen under price pressure in coming months.  To underperform Zn, in the near term.

Nickel  Global stainless steel output surging.  

Zinc & Lead  Antamina to double Zn output.  China’s economy better than expected.  HMX drill results good. 

Tin  LME inventories at about eight year lows.  

Aluminium  Outlook for increased output from China. 

Gold  Gold prices marking time and watching remarks from the FRB chair.  

Platinum & Palladium  Zimbabwe changes its mining laws again, locking up prospective ground. 

Oil  Iran opening for applications for exploration on Monday. 

Coal  Coking settlements.  Thermal coal switches into semi-soft coking at current pricing.   

Iron Ore  China pushing for capacity cuts in steel output. 

Shipping  Indices lifting on demand in Asia. 

General 

USA TWI index:  correlations with gold and commodity prices – not consistent nor very strong.