Comments of particular interest are noted with ‘*’.
- Base metals are starting to show some price recovery though some of Covid-19’s effected supply-shock continues.
- Demand is improving.
- Stocks are falling again.
- World Steel sees China performing a credible recovery, though the rest of the world’s output is still Covid-19-struck.
- USA Durable Goods and Vehicles orders really collapsed in April.
- USA oil-shale rig counts have reduced dramatically.
- The rapid production decline profiles of the oil-shale holes means USA’s oil output will really shrink soon!
- Gold prices have reduced modestly. The potential for economies to open up again may be diverting capital from gold. Though there may well be volatility in the near future.
*Copper Chile’s Cu industry, so far, only has a small output reduction.
*Cobalt DRC Co supply issues, artisanal miners & class actions.
Nickel Ni demand outlook down, though Chinese demand has only a small decline.
*Zinc & *Lead Unreported Zn stocks building up. Mining industry to adapt post Covid-19.
Tin Supply deficit with a huge backwardation.
Aluminium Tasmania to host ABX’s aluminium fluoride process.
*Gold Banks have issues with Central Bank of Venezuela and a terminated large gold deal.
Platinum & Palladium Deficit in Pt Pd likely in 2020, though may revert later.
*Oil USA shale-oil industry’s production outlook hurt by record drop in rig numbers.
Coal Chinese industry calling for relaxation of import restrictions / delays for met coal.
*Iron Ore Prices surged on Brazilian supply issues. Industrial operations in China resumed.
Shipping Cape rates up (iron ore) and Panamax rates (coal & clinker) flat this week.
*World Steel: Chinese output is recovering credibly, though rest-of-world is down heavily.
*Baker Hughes Rig Counts – North America: Oil & Gas rig numbers down, heavily.
*USA – Durable Goods, Vehicles, Computers & Electronic Goods: Orders down heavily.