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 “*”:

SUMMARY  

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.

General 

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.