Of particular note this week:
Copper: Chileans increased price outlook.
Zinc: persistent shortages.
Nickel: Glencore sees best mkt conditions (without EVs which are yet to come).
Oil: Venezuela – PDVSA defaulted on debt.
Gold not a good inflation hedge.
Steel: output a bit slower in October due to winter restrictions.
Copper Chileans have lifted their forecasts for the copper price over the next 12 months.
Nickel Glencore seeing best Ni mkt conditions for a decade (without EVs yet).
Zinc & Lead Zn has persistent supply shortages. Spot TCs still low. Secondary Pb in China.
Tin LME to introduce OTC booking fee (all metals).
Aluminium Chinese Al production down due to winter closures.
Gold Debunk the myth that gold is a good inflation hedge.
Platinum & Palladium Pt to once again be used for catalytic converters for petrol powered engines.
Oil Russia and Saudi Arabia agree on need to extend production at reduced rates.
Coal LVPCI price settlement for Dec Qtr. China achieving reduction targets ahead of schedule.
Iron Ore iron ore prices stronger this week. Brazil to increase iron ore royalty rates.
Shipping Improving Cape and Panamax indices.
USA- Durable Goods, Vehicles, Electronic products: good growth.
World Steel: Good yr-on-yr growth though the October avg daily rate is slow.