Of particular note this week is:

–          the world has at least 50 years of gas supply at current consumption rates, and has had for the past 30 years;

–          global LNG importers and exporters;

–          the Indonesian bans’ impact on the copper-concentrate market;

–          comment on the outlook for gold price;

–          benchmark met-coal prices;

–          Chinese industrial output;   and

–          keep an eye out for the Indonesian elections (polling has started but July 9th is the main day).

SUMMARY

Copper  – The outlook for copper (miners) with ‘clean’ concentrates is stronger, and the market tighter, than you may think.

Nickel  – Indonesian elections are under way.  Ni prices eased on belief that near-term supply is adequate.

Zinc & Lead – Kidman Resources (KDR) Zn-Pb intercepts in NSW.

Tin  – Tin market forecast to report a deficit for the fifth year.

Aluminium  – Citic trying to locate alumina that it had stored in warehouses at Qingdao port.

Gold  – Gold bugs are stirring, but too much excitement is not warranted.  Lower gold prices are forecast.

Platinum & Palladium – Korean auto market is slowing.

Oil  – USA’s oil production in March Qtr ranked it as the highest global producer.

Coal – Settlements for LVPCI and SSCC.  CKA’s permitting in Kalimantan is almost complete.

Iron Ore – Prices up as Chinese steel mills restock.  Port inventories down from record levels.

Shipping – Shipping demand improved during the week, but conditions remain harsh.

General Economics

Zinc premium to Lead prices is positive again.

World Gas Production & Consumption including LNG Exports & Imports.

China – Industrial Output:  iron ore, steel products, vehicles, non-ferrous metals, electricity, cement, fertiliser, copper materials and alumina.  Only fertiliser has negative growth.

USA:  Purchasing Managers’ Index:  good, Construction spending: even public spend was up.

Japan:  Industrial production.  Slow but positive growth.