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.
- China’s industry & energy output has increased markedly during April kin most segments.
- USA housing starts collapsed in April.
*Copper China’s physical infrastructure expanded considerably since 2009. More Cu is needed for plans
*Cobalt Supply disruptions due to coronavirus lockdowns. The issue now is sulphur (lack of).
*Nickel Indonesian expansion plans are faced with a deep waste problem.
Zinc & Lead Mid-term outlook ‘constructive’ though near-term requires caution.
*Tin Tightness has returned, strongly. Watch semi-conductors for demand.
Aluminium Europe still pushing for its aluminium smelters, to protect its industrial base.
*Gold Central Banks have been adding to Reserves since 2018. Prescient or wary of USD?
Platinum & Palladium Balancing Covid-induced supply disruptions with industrial demand, similarly disrupted.
*Oil Oil demand may struggle to bounce back soon from Covid-19.
*Coal Steel mills adopting hybrid models for pricing of LVPCI and semi-soft coking coal.
*Iron Ore China’s steel demand growth far outpaces expectations from investors and industry.
Shipping Cape and Panamax vessel rates up this week.
Maps of China: Provinces & High Speed Railways
China – Industry and Energy Output: Strong recovery in most segments in April.
USA – New Housing Starts: Collapsed in April.