Of particular note this week:
Outlook for Zn, Cu and Ni are improving.
OPEC to meet in a week.
Oil – OPEC meets next week but Venezuela may fail.
Coal – Glencore may dominate the SSCC segment of the coking coal market.
Steel and China’s surging economy- driving iron ore prices. Right now the iron ore is at a sweet spot for the major producers. All majors are making good margins but the price is not really high enough to incentivise new small miner production. China’s economic activity may move that dial.
Copper Copper outlook forecasts are for price increases.
Nickel Expectations of strong Chinese demand and supply issues.
Zinc & Lead Zn price beginning to respond to short supply near term.
Aluminium Chinese supply cuts mostly matched by new supply.
Gold Gold price trending largely sideways though some upside seen.
Platinum & Palladium EV hype is overdone when considering competing fuels.
Oil Mixed views on oil price outlook. Venezuela may fail.
Coal Glencore to dominate global SSCC supply.
Iron Ore China’s surging steel sector pulling iron ore along. Iron ore response not mainstream countries.
Shipping Capes demand up, but Panamax under pressure.
General EV–driven metals demand growth outlook: Electricity demand up; Li-ion batteries strong growth.
China – Industrial Output:
USA – Construction Spending: private spending positive but public spend is down.
Japan – Industrial Production: positive growth.