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 Chilean economy growth higher than expected. May be a reflection of global growth.
Nickel LME is considering offering contracts for metals used in batteries..
Zinc & Lead Reduced Chinese mined Zn, & smelter maint may boost price. Pb price premiums in Asia tighter.
Tin Old British Sn mines being re-evaluated to meet EV market demand.
Aluminium Trump’s sanctions (on Rusal) causing trouble in global aluminium markets.
Gold A strong USD, and a lack of fear is constraining gold price.
Platinum & Palladium Strong ZAR is putting pressure on South African Pt producers.
Oil * Oil inventories are at a 3 yr low and may decline further.
Coal Annual thermal coal JFY price negotiators are still far apart on expectations.
Iron Ore * China’s tough enviro-policies have brought new supply-demand challenges.
Shipping Cape and Panamax rates both increased. However African bauxite vols impacted by a strike.
Port of Singapore – traffic*: Positive growth overall and in tankers and containers.
Pinch Point Updates- Cu, Zn*, Ni*, Pb*, Sn, Al:
USA New Housing Starts: continued positive growth.
USA Industrial Production & Capacity Utilisation: steady IP growth. Oil&Gas Cap.Util’n at 100%