Of particular note this week read those items below marked with “*”:

SUMMARY  

Copper  Cu market recorded a fine deficit, impacted by scrap.  How sustainable is scrap supply?

Nickel  Chinese stainless steel price falls may limit production, and reduce Ni prices.  Seeking balance.

Zinc & Lead  IBG Zn in construction mode at Citronen.  Pb outlook is tight but lacking clear direction.

Tin  Cornwall re-revival.  LME and ShFE exchanges tell different stories in backwardation & contango.

Aluminium  *   Chinese production & influencing factors make for a more complex web than first appearances.

Gold  This week the market has been dealing with a lot of jitters.

Platinum & Palladium  Zimbabwe signs a major Pt mine & refinery development.  Watch for rate of progress.

Oil  *  Vietnam suspended drilling a second oil project in the South China Sea under China’s warnings.

Coal  *  Settlements for March Qtr coking coals.  Nippon signals move to pre-Qtr settlements (at last).

Iron Ore  Analysts’ consensus re:  future demand for high quality raw materials might not prove sustainable.

Shipping  Capes’ rates softened while Panamax’ rates firmed.

General 

Singapore shipping:  positive for containers and tankers.  Negative for bulks.

Pinch Points – Cu, Zn, Ni, Pb, Sn, Al:  Fundamentally tight, though some a bit looser this week.

USA – Durable Goods, Vehicles, Electronics  *:  All strong growth (already).  but no-one wins trade wars.