BAKER HUGHES RIG COUNTS
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 Potential copper hot-spots on the Qld-NT border – upon release of new government data.
Nickel* Demand outstripping supply. Stainless then batteries drive demand. Supply uncertain at present.
Zinc & Lead Dugald River (MMG) commenced production. PEX has new drill results. G1A adds new results.
Tin TNT Mines (TIN) working up new Sn-W project in Tasmania.
Aluminium LME warehouses suffering delivery delays, again.
Gold Very little movement in the Au price.
Platinum & Palladium* Is Norislk Nickel too large to sanction. The impact would be significant.
Oil* OPEC & Russian cuts holding well. Risk of US sanctions on Iran.
Coal Met-coal outlook softer. Thermal holding well.
Iron Ore Increased prices in steel and futures markets buoy iron ore. Pt Hedland exports up.
Shipping Shipping rates up this week on good demand.
Baker Hughes Rig Counts: Price sensitive & lagging oil price. Some calling for USD 100/bbl oil.
Pinchpoint updates- Cu, Zn, Ni, Pb, Sn, Al: Still tending to tighten, though uncertainty is evident.
Japan – :LNG prices: turning up to follow oil prices.