Ports and Rigs
Of particular note this week read those items below marked with “*”:
*Copper Spot TC/RC’s have increased a little. BMO has increased its long-term price forecast.
*Nickel Sumitomo expects Ni market deficits to widen.
Zinc & Lead Inventories remain tight: Zn stable, and Pb decreasing. Price cues are from other market factors.
Tin “26 things to do in Cornwall when it rains”
*Aluminium Tomago Aluminium suffering high power prices.
*Gold Fund managers’ bets on gold appear mis-placed this week.
Platinum & Palladium New plant proposals: Tharisa in Zimbabwe and Heraeus in China.
*Oil OPEC + Russia meeting next week, will be a key to future oil pricing.
Coal Nippon’s Negotiations for metallurgical coal settlements for Jun18Qtr may take longer.
Iron Ore BHP to develop South Flank, and RIO to develop Silvergrass (high grade deposits).
Shipping The Baltic Dry, Cape and Panamax indices each improved this week..
Port of Singapore- shipping traffic: Containers continue growth. Bulks and Tankers down.
Port Hedland – Iron ore shipments: Continued shipments growth, also to India & Indonesia.
Pinch Point updates – Cu, Zn, Ni, Pb, Sn, Al: Ni continues to tighten, others are simply tight.
*Baker Hughes Drill Rig Counts: Direction will be contingent on OPEC & Russia’s meeting.
Germany – Industrial Production, Durable Goods, Construction: modest positive growth.