Of particular note this week:  (actually … much of this week’s issue).

Pinch-point updates:  solid outlook.  Cu, Zn, Ni.

Copper:  may have a  stronger thematic with batteries than nickel? Some major miners think so.  

Nickel:   still on a strong battery thematic.

Oil:   OPEC break-even prices down, while oil price is up.  However more changes are needed.

Venezuela: is very definitely not happy!

Iron ore:  what is its price doing in contango?

 SUMMARY  

Copper  Cu demand growth from EV’s could become a substantial part of the Cu market.

Nickel  The battery focus continues for nickel.  LME may offer a Ni contract targeted for battery markets.

Zinc & Lead  Pb’s TC/RC’s fell.  Emerging Zn miners:  MMG, RVR and an explorer PEX.

Tin  Trying to figure out what the tin market is doing.

Aluminium  China’s ‘winter restrictions’ viewed with a mix of hope and scepticism.

Gold  Lacklustre market, though India’s wedding season, and higher physical demand looms.

Platinum & Palladium  End-uses – a changing market place.

Oil  Venezuela: Plunging oil output, debt issues, China and Russia to its aid, USA kicking it while down.

Coal  Thermal coal markets softened.  Spot HCC price holding well, contract price negotiations ?stalled.

Iron Ore  China’s iron ore price is in contango, a very unfamiliar condition.

Shipping  Freight rates down this week.

General 

Break-even Oil prices:  down, but the oil price is at highest level since July 2015.

Pinch-Point updates – Cu, Zn, Ni.  – prices heading up.

China- industrial and energy output:  as per prior months – strongest growth in manufactured goods, compared to raw materials.

USA construction spending:  strongest growth in residential and private spending.

Japan – industrial production:  good positive growth.