Of particular interest this week:

Cu & Ni:  Indonesia relaxing terms of exports of ores, but with changes to other conditions.

Baker Hughes & Oil:  Rig counts highlight risks of North American price responses.

Iron ore:  China’s steel sector – segmental growth forecasts

OECD CLI and Singapore shipping:  Implies improvements ahead in developed economies.

There are still high levels of uncertainty regarding Chinese, Indonesian and USA (Trump factor)  changes to regulations or legislation, however the overall outlook for the world, is for improved outlook.  Trump may have lucked out attaining office at this point in time.

 SUMMARY  

Copper  Indonesia continues to ‘re-arrange terms and conditions for exports and of tenement terms. 

Nickel  Indonesia relaxes exports of ores and concentrates … a little only, by smelter builders.  

Zinc & Lead  Zn TCs.  ILZSG reports Zn mkt deficit.  Chinese house prices up ~12% in key cities.

Tin  China may relax its Sn export duty, and change global supply/demand dynamics. 

Aluminium  AGL & Alcoa agreement on power supply for Portland.  Poses ongoing questions for governments. 

Gold  With a volatile US president, what currency should we view gold in?   

Platinum & Palladium  Pd price soars on stronger vehicle output in China and USA.  Sixth year of Pd deficits.

Oil  Price up on signs of producer compliance, but challenged by increased US rig counts.  

Coal  Canadian coking coal exports to rise.  China’s next move (post Chinese New Yr) is awaited by the thermal market. 

Iron Ore  Growth of China’s steel sector forecast to slow in 2017 … segmental details. 

Shipping  Cape rates not well supported.  Panamax rates stable. 

General 

Baker Hughes – Rig Count – North American rigs increase in response to oil price improvements. 

Port of Singapore – container traffic continues to recover.  Bulks down, Tankers up.  Highlights implied recovery of developed economies. 

OECD Composite Leading Indicators – The overall indication is for an improving global economy.  Also forecasts improvement in developed economies.