Comments of particular interest are noted with ‘*’.
- Base metals are starting to show some price recovery as Covid-19 has effected a supply-shock.
- Shipping data through Singapore (for April) shows the impact of the various Asian Covid-19 restrictions,
- USA Industrial Production and Capacity utilisation for April return significant downturns.
*Copper As China returns to work from deep lockdowns during Feb, a demand recovery is not surprising.
*Cobalt Prices appear to be bottoming, as enquiry rates increase. Very little ‘spot’ material available.
*Nickel Philippine Ni miners now allowed to operate up to full capacity, under strict protocols.
*Zinc & Lead A broad mini-recovery across base metals, accompanied by supply-shock due to Covid-19.
Tin Sharp stock draws. Production dented by low prices and government mandates.
Aluminium China’s Al output at 10 mo high. Price recovery in April after smelters cut supply.
Gold Economic contractions globally & low reported GDPs, favour holdings of gold.
*Platinum & Palladium Deficits in Pt & Pd now highly likely this year. South African mines closed.
*Oil Demand recovering in China. Brent prices ‘anchored’ around USD/bbl. WTI recovering.
Coal Mixed factors incl: supply from Qld & Datong China, USA demand delays & Indonesian legislation.
Iron Ore China’s iron ore port inventories at three-year lows, coupled with steel production resuming.
Shipping Cape & Panamax rates down.
*Port of Singapore: Bulk & Tanker traffic growth +ve. Container & *Passenger traffic -ve growth.
Japan – LNG prices: Continued low spot prices.
*USA – Industrial Production & Capacity Utilisation: IP & Cap.Util. both reported down heavily.