Of particular note this week:

 Base metals -LME + ShFE + CME Exchange inventories- the wider inventory picture adds clarity – (graphs have been rebuilt).  Zn is still the tightest.

Fears of Chinese slowdowns continued to affect most commodity markets this week.   

Australia Exploration spending:   Minerals spend is recovering, while petroleum spend is still at bottom.

China’s winter restrictions surprisingly positive for demand and prices for bulks (coal & iron ore).

Oil:  China’s demand is a key driver.  Soon to outweigh USA.

 SUMMARY  

Copper  Indonesia to acquire RIO’s stake in Freeport Indonesia (Grasberg Cu-Au).

Nickel  Price down on dissipation of EV hype.  Vale wound back its Ni output forecasts for 5 yrs.

Zinc & Lead  Zn premia in China down on soft demand.  Output down on China’s winter restrictions.

Tin  Formation of state-owned polymetallic miner via Inalum.

Aluminium  Japanese agreed to higher premia on LME metal.  China increasing recycling of Al cans

Gold  Price at five month low, on several factors.

Platinum & Palladium  Zimbabwe’s new cabinet scraps indigenisation, except for diamonds and platinum.

Oil  China’s crude demand supporting the oil price.

Coal  Settlement for HCC achieved.

Iron Ore  China’s in ore imports rebounded!.  Asian markets increasing (thermal) coal-fired power use..

Shipping  Strong demand by coal and iron ore.

General 

Cobalt:  stocks and prices.

Pinchpoint updatesCu, Zn, Ni, Pb, Sn, Al:  Zn is clearly tightest.

Baker Hughes Rig Counts:  Global rig counts increasing.  USA is the largest swing producer.

Iron Ore – Pt Hedland shipments:  Strong shipments, but flat growth in November.

Australia – Mineral & Petroleum Exploration Spend:  Minerals recovering, Petroleum at bottom.

Germany – Industrial Production, Durable Goods, Construction spend:  good growth all round.