Of particular note this week:

Copper:   major deposits are rare.  Demand is growing.

Coal:  HCC settlements in progress.

Battery materials:  Cu, Ni, Co- demand outlook remain strong.

SUMMARY  

Copper  Predicted deficit in copper concentrates driven by several factors incl:  ore grades, regulations et al.

Nickel  Ni battery market to double demand by 2020.  Auto makers forecast strong output growth.

Zinc & Lead  Macquarie forecasts big Zn restock n China in June Qtr.  It will be tight!  Pb TC/RC’s reduced.

Cobalt  Forecast softer near term prices on surplus, firming up by 2022.

Tin  USA & Asian tin premiums stable.

Aluminium  China’s winter heating season & restrictions end 15 March.  Market tightening?

Gold  Britons buying more gold than Germans.  ‘Glint’ … load up the credit card with gold.

Platinum & Palladium  Fuel cell powered cars vs batteries.

Oil  USA oil companies hedging prices to ~50% output.  May be positive cashflows, first in a long time.

Coal  Hard coking coal price settlements initiated, but may not yet be finalised.  SSCC contracts vary.

Iron Ore  Prices wide on quality.  China port stocks of varied quality.  ‘Effective’ stocks put at 2/3.

Shipping  Cape rates softer on less demand for shipments.  Panamax rates stable.

General  Copper:  Major deposits are rare.

Australia Exploration Spending:  strong growth for all states except South Australia.

Pinch Point graphs:  Cu, Zn, Ni, Pb, Sn, Al:  most remain in tight conditions.

USA – Industrial Production & Capacity Utilisation:  good growth.  Resources high utilisation.