*Copper Cu price weakness has not been driven by fundamentals, rather by recent macroeconomic fears.
*Cobalt Off-take parties asking for maximum volumes despite current quiet conditions.
*Nickel Short term mkt pain but mid-long- term bullish on looming deficits.
*Zinc & *Lead Zn market in transition to a (finely) balanced state. RVR, NCZ. Revolutionary Pb filter.
Tin Production slowing. Demand outlook growing.
Aluminium 2018 an unusually volatile year, laden with political risk/interference.
Gold Central bank holdings declined toward 2008 and have been increasing since 2009.
Platinum & Palladium South Africa’s large Waterberg pgm project makes (regulatory) progress.
*Oil In the face of outlook for plentiful oil supply, outlook for >USD 100/bbl is fanciful.
*Coal Expected China-import surge for HCC ahead of winter restrictions, overestimated, so far.
*Iron Ore Iron ore imports to China ignore fears of an economic slowdown. Fears may be unfounded?
Shipping Capesize rates down, Panamax up, this week.
*Port Hedland Iron Ore: steady export rates, remaining high, and China dominant.
*Pinchpoint updates: Regardless of sentiment, rhetoric and stock mkts, tightening continues.
*Baker Hughes – Rig Counts: # Rigs increased after oil price rise. USD 100/bbl target is fanciful.
Japan – LNG Prices: LNG prices may be stabilising as oil prices soften slightly