USA

Comments of particular interest are noted with ‘*’.  

Matau’s Comments:

  • Base metal markets remain excruciatingly tight!  
  • High power costs are widely impacting global smelters’ output(s).

SUMMARY  

Copper  Cu price is watching equities, supply & interest rate expectations. 

Cobalt  Outlook for cobalt prices is higher..  

Nickel  Reduces supply disruption in Indonesia & Philippines to assist supply. (still tight). 

Zinc & Lead  Korea Zinc – Sun Metals agrees to renewable power supply MOU’s . 

Tin  Outlook for 2022 softened slightly on increased supply. 

Aluminium  A major aluminium smelter in France is to reduce production, on high power costs. 

Gold  The gold price reaction suggests the market is focussed on inflation risks. 

Platinum & Palladium  Podium Minerals (POD):  extending mineralisation for Resources.

Oil  Doubts emerge as to OPEC+’s ability to increase output (to forecast levels) quickly. 

Iron Ore  China’s demand expected to increase after the Beijing Olympics.. 

Shipping  Indexes for Capesize & Panamax increased though Supramax & Handysize reduced..

General 

Australia – USA – Yields:  Yields now rising and expected to increase further.

Baker Hughes – Rig Counts:  Rig counts increasing on higher oil prices and recovery expectations.

USA Construction Spending:  Growth still dominated by Private & Residential spending.