Despite all the geopolitical uncertainty, the world appears to be reporting good economic growth, volatile rhetoric, but reasonably consistent growth.
Of particular note this week read those items below marked with “*”:
Copper * Mine supply disruptions, with potential for more. China’s economy is reported as ‘resilient’.
Nickel* 2018 Ni deficit forecast doubled. Chinese stainless producers ramping up (but in the red?)
Zinc & Lead Zn: 1028 treatment charges reduced on tight mkt. Pb: China flips from importer to exporter.
Tin Chinese Sn imports dwindled. … became a net exporter in March Qtr. Myanmar supply issues.
Aluminium Trump’s Aluminium sanction (relief) agreement talks due to resume this week.
Gold Global gold demand for March Qtr was the lowest since 2008.
Platinum & Palladium Pt continues to suffer with the move away from diesel powered cars.
Oil Oil prices reacting to Trump’s threats to remove (nuclear) sanction relief from Iran.
Coal Positive sentiment as Chinese steel prices firmed this week. SA’s Eskom to import thermal coal.
Iron Ore Dalian iron ore futures commenced trading Friday with new access rules.
Shipping Spot freight rates in Asia remain robust on healthy demand for ships.
Battery Metals (Ni-Cu-Co)*: Moody’s expect mine supply will be a limiting factor for EV battery manufacture.
Pinch Point updates – Cu, Zn, Ni, Pb, Sn, Al: tight, though near term direction a little uncertain.
USA – ISM PMI: Lower but still positive growth. USA – Construction Spending: Positive growth.
China – Industrial Output*: positive March growth only for select items: power, cars, air con, Li-batts.