SUMMARY  

Copper  Cu set for price increases from several factors.

Nickel  Metal Bulletin opens a price spec for China ex-works NiSO4.

Zinc & Lead  Zn short-sellers may have hit a bear trap.  G1A drilling to complete in August.

Tin  ELT MOU in Malaysia.

Aluminium  Gyrations on US tariff changes/retractions.  Pressure off Rusal.  Deficit ahead.

Gold  Price may endure a seasonal ‘lull’ then rise in September.  Autumn in China is high-demand.

Platinum & Palladium  Unprofitable SA shafts closed.  Mines not expected to close near term.

Oil  Global oil consumption increased to a new record high in 2017.

Coal  Coking coal markets seeking direction.  Thermal prices down on reduced interest (on low CNY?)

Iron Ore  Iron ore markets relatively calm, despite Trump’s tariff threats.

Shipping  Capes upon iron ore demand, and Panamax rates also up.

General 

World Steel:  broadly positive growth including a surge in Chinese output.

PinchPoint updates:  Ni, Zn, Pb then Cu positions in particular, indicate tight markets.

USA – Durable Goods, Vehicles, Electronic Products:  good growth.