China – Interest Rates
This week’s comments of particular interest are noted with ‘*’.
Copper Concerns of impact of trade tensions continue to ease.
Cobalt Low cost of mining in DRC provides buffers against new high royalties for strategic minerals.
Nickel Inventories continue to fall. Prices yet to really recover from the trading war rout.
Zinc & Lead Zn market deficit deepens. G1A and PMY developing Pb-Ag deposits.
Tin Tin usage growth is slowing as tariffs compound longer term weaknesses in the Sn usage profile..
Aluminium Japanese premiums reduced slightly. Global output increasing.
Gold Indian dowrys.
Platinum & Palladium Pd outperform short term. Pt outperform long term.
*Oil Russia’s oil production increased to a new post-Soviet high, ahead of OPEC meeting.
Baker Hughes Rig Counts:
*Coal NipponSteel benchmark metallurgical coal settlements.
Iron Ore China’s iron ore (physical) trading platform seeing record volumes.
Shipping Demand eased for Capes and increased for Panamax.
*Interest Rates/Yields – Australian and USA: comparisons link short term differentials to FX
*PinchPoint updates: Holidays are now over. Inventories are falling with some price responses.
*China – Industry and Energy Output: slower but positive for energy, & other select areas.
USA – New Housing Starts: strong positive growth.