USA-Yields – PMI- Construction
Comments of particular interest are noted with ‘*’.
- Base metal markets are tightening further. (pinch points & prices). Notably Ni & Cu.
- Demand is increasing in key industrial nations (USA, Japan & Europe … in addition to China).
- Covid-19 is far from peaking, as more is learned about emerging strains, and is disrupting transport and commercial businesses.
- Pinchpoint graphs continue to highlight tightness in markets for Cu & Ni in particular.
Copper Cu concentrate market to remain tight in 2021.
Cobalt Co prices at 12mo high, but are low in historic terms. Offtake is moving to multi-year terms.
Nickel Analysts forecast high demand post-covid.
Zinc & Lead Zn: CPM Group forecasts mkts to normalise in 2021. Pb: Toho Zinc to focus on Abra Pg-Ag.
Tin Sn price impact attributed to impact of Covid-19.
Aluminium Auto plants reopening in Europe, Japan, USA + Chinese appetite.
Gold USD price fell on USA yield surge and USD rebound.
Platinum & Palladium Zimbabwe – Kuvimba Mining to raise capital, for Darwendale.
Oil Saudi surprises with a large reduction on output planned for February.
Coal Hefty responses to Covid outbreaks are limiting coal transport within China.
Iron Ore Production for Indian and Chinese steel is surging.
Shipping Asian shipping rates inched higher on strong demand.
USA – bond Yields: Yield for 3 yr bonds now above 0.2%. 10yr Yield now above 1.10%
USA – PMI: New Orders and Production are particularly strong. Can it endure Covid impacts?
USA – Construction Spending: positive except for Non-Residential construction.