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