World Gold – China transport

Comments of particular interest are noted with ‘*’.  

Matau’s Comments:

The world’s equity and commodity markets appear to collectively be taking long and deep breaths.

Concerns ahead include:

  • The USA election, for which many are now believing Biden’s lead is large enough to provide a victory”
  • Covid-19 infection numbers (and deaths) continue to grow in USA, Europe, India and South America (Brazil).  ,
  • Gold price is awaiting some clearer direction:  We believe there is some optimism for recovery stimuli being promoted, and partly a stronger USD (this week).   
  • Base metals are jostling for recognition of market conditions, but the world markets are distracted by more noisy and volatile activities at present.
    • Fundamentals for most base metals remain strong.  … with the market largely waiting for a long heralded demand pickup. 
  • Oil markets are struggling at low prices, driven by broadly lower demand. 
  • Industrially China (and parts of Asia) are recovering, while recovery in the rest of the world is a struggle.

SUMMARY  

Copper  Surging coronavirus infection rates dampen outlook for (USA, Euro, et al)  economic recoveries. 

Cobalt  COB project status listed in Australian Critical Minerals prospectus..  

Nickel Supply issues – Philippines & Australia (WSA).

Zinc & Lead  Comparison of trade conditions for ‘sister’ metals Zn & Pb.   

Tin  AVZ discusses proposal for a Special Economic Zone in DRC!.      

Aluminium  China’s Al juggernaut … running out of road?

Gold  Price stabilising?  No shortage of potential triggers.  

Platinum & Palladium  EV gains in mkt share not likely to be as fast as expected..

Oil  OPEC oil output rising.  Strong demand growth from China & India. 

Coal  China restrictions on Australian  exports still look uncertain as to relaxation.  

Iron Ore  China’s steel output set to breach 1 billion tonnes this year!   

Shipping  Cape rates up, Panamax rates down this week.

General 

World Gold Council:  Global gold trade trends show reactions to Covid & elections.

China – freight & Passenger traffic:  While recovering, levels are still well below pre-covid levels.

USA Yield Curves:  The financial markets do not appear optimistic for about the next three years.