This week’s comments of particular interest are noted with ‘*’.
Base metal inventories selectively reduced this week. Ports data and other commodity markets reflect some uncertainty in potential outcomes from trade ‘agreements’.
*Copper Glassenberg highlights copper inventory falls.
*Cobalt Chinese battery maker GEM Co, has halted (contract) buying from Glencore upon recent price falls.
Nickel Cuba’s Ni + Co production will exceed 50 ktpa in 2018.
Zinc & Lead Antamina (Cu-Zn) mine to have a large impact on Peru’s forward Zn output.
Tin ShFE inventories fell and LME increased … a turnaround from recent movements.
Aluminium Chinese Al output and exports increased. New capacity likely outpaced closures.
*Gold Price movements attributed to, and awaiting further economic news.
Platinum & Palladium New catalyst design requiring 25% of Pt in current versions. Likely to take time to implement.
*Oil China (may be) about to resume buying USA crude oil. Chinese buyers are wary.
Coal Qld cyclones and rail strikes add to volatility.
Iron Ore Spot prices up broadly with smaller increases at the premium quality end.
Shipping Panamax and Cape rates, both up.
*Singapore Shipping traffic: Positive for Tankers, and slightly so for Containers. Bulks down.
*Port Hedland Iron Ore shipments: Nov (month) was down but up for the 12 mo to Nov.
*Japan LNG Prices: Contract and Arrival prices up, though expect a reduction in December.