Of particular note this week:

Zinc:  Zn into backwardation.  Other base metals widen contangos

Oil – Supply/demand to balance Mar18Qtr, sooner than forecast.  Venezuela prices its oil in CNY.  Kurds referendum on Independence.

Coal & Iron ore – strong steel margins drive demand.

China – Industrial Output – as prior months, weak bulks but stronger manufacturing segments.  Strong Freight and Electricity usually taken as key indicators of strong economic growth.

 Copper  SA government funding work toward boosting state copper production.  China’s Pb stocks ‘critical’.

Nickel  Vale suspended its Onca Puma Ni mine in the Amazon, pending community regulatory issues.

Zinc & Lead  Zn in backwardation.  RVR now in production, IBG still working on it.

Tin  China’s non-ferrous metal output at one year low in August.  .

Aluminium  China to lend Guinea USD 20 bill for 20 yrs toward bauxite concessions.

Gold  Gold price having a muted response to geopolitical risk.

Platinum & Palladium  Zimbabwe headed toward elections in 2018.

Oil  Kurdistan to hold a referendum on independence (Sept 25th).

Coal  Steel mill margins are still strong.  Chinese crude steel output at new monthly record.

Iron Ore  China’s steel mills opting for higher grade iron ore and coking coal in preference to port stocks.

Shipping  Cape rates up and Panamax rates up.

General 

Singapore – shipping:  positive growth for containers and tankers, with negative growth for bulks.

USA – Electricity End-Use – positive rowth after two years of declines.

China -Freight – strong growth – a key indicator of Chinese economy.

China – Industrial output. – weak bulks but stronger manufacturing and electricity segments.