Of particular note this week:
Base metals – Exchange inventories- the wider story adds more clarity to market conditions.
Cu, Zn, Ni: perceptions (fears of Chinese slowdowns) ruled this week in terms of price movements, however China appears to be performing better than expected. One report highlights that closures in northern China are almost offset by ramping up of southern operations seeking increased market share(s).
Australia TWI: trade with China and others (Asian mostly) increased.
Copper Chinese Caixin lower than expected but positive. Strikes in South America disrupt supply.
Nickel Nickel price reduction attributed to lower Chinese steel output, (due to winter restrictions).
Zinc & Lead Price moved by perceptions and concerns but supported by fundamentals (stock levels).
Tin Lack of investment in new capacity will squeezing supply.
Aluminium Japanese premium for Al offered, Jan-Mar 18, up markedly above current quarter.
Gold Gold’s trading activity has been unusually calm this year, frustrating the bulls.
Platinum & Palladium WPIC says supply continues to tighten, & demand forecast more resilient than generally forecast.
Oil Venezuela proposes retaliation against USA, its biggest cash-paying customer !
Coal LVPCI price further accepted. HCC contract price anticipated settlement next week.
Iron Ore Iron ore prices nudging USD 70/t CFR, though the bear(s) argue for much lower outlook.
Shipping Baltic indices markedly stronger this week, with coal, iron ore and grains demand.
Australia TWI reset: trade increased with China, & six other (mostly) Asian countries.
Base Metals – Exchange inventories: Most markets are tightening. Some surprising movement.
USA – PMI: Strong outlook.
USA Construction Spending:
Japan Industrial Production: good positive growth.