UK, Germany, Pt Hedland
Comments of particular interest are noted with ‘*’.
- Base metal inventories remain tight, though some prices are just starting to reflect fundamental positions. Uncertainties generated by geopolitical activities continue to hinder normal trading conditions. Pinchpoint positions are mostly less than 1 week’s consumption.
*Copper Codelco posted its lowest (MarQtr) production for more than ten years.
*Cobalt USA wants to participate in EV manufacture, yet produces very little of critical minerals.
*Nickel CATL has begun mass production of NCM 811 batteries*.
Zinc & Lead Zn market to remain in deficit. Pb market surplus forecast remains.
Tin LME to open a new warehouse in Guangdong province – China.
*Aluminium RIO shipping Al to Europe, on slower demand from USA. USA is slowing.
Gold IFC expects gold prices to increase. … but right now global tensions are not enough to lift price.
Platinum & Palladium Pt jewellery sales in India are growing strongly.
Oil Iran is again shipping oil to Syria.
Coal USA-China trade war putting pressure on Chinese buyers of thermal coal.
Iron Ore Ore prices forecast to USD 100/t.
Shipping Panamax’ Asian rates up. Supramax rates up on Philippine Ni ore shipments
Pt Hedland – Iron Ore shipments. Shipments down on residual impact of cyclones on shipping.
Germany – Industrial Production: little growth though durables and construction are strong.
United Kingdom – Industrial Production: Trending upward. Slow growth.