Of particular note this week:
Updated pinch point graphs for Zn, Cu & Ni. Zn and Cu prices ready to move. Ni needs to lose / use inventories.
Oil – IEA found a lot more inventory (floating).
Coal – 90 day avg HCC price is rising.
Gold – Gold Demand Trends
Baker Hughes Rig Counts: response to oil price shown. USA has been the ‘real’ swing producer (since 1975).
Copper The ‘death of copper’ has been forecast many times. No one is doing that now!
Nickel Indonesia’s changes to export decisions is not helping the Ni market.
Zinc & Lead Spot Zn concentrate TC’s reduced in July (for clean cons). Pb prices high on expected tight supply.
Tin South Crofty – Cornwall to re-open in 2020.
Aluminium Chinese smelter capacity cuts morph into capacity transfers.
Gold India to introduce gold options contracts at its Multi-Commodity Exchange. Gold Demand Trends.
Platinum & Palladium Analysts argue that Pt will reduce in demand relative to Pd. Is this right?
Oil IEA says there is much more oil in storage than previously estimated.
Coal HCC prices up leading the forecast Sept Qtr (90d avg) price..
Iron Ore CISA jawboning iron ore price down (a bit). Believes that the current tightness will not last.
Shipping Cape rates up on robust demand (iron ore & coal). Panamax rates steady on last week.
LNG Prices. Stabilised at low levels, (based on low oil prices).
Cu, Zn & Ni Pinch Point graph updates: Zn & Cu in the point zone, Ni has to reduce stocks.
Baker Hughes Rig Counts: World and North American. USA looks like the real swing producer.
Port Hedland Iron Ore shipments: Avg shipment rates down in July.