Of particular interest this week:

Copper:  a two-decade long graphic history.  China has been the major source of growth in demand, though other regions are now also contributing to positive demand growth.  Copper is one of the commodities for which China is not a major producer.

Nickel:  El Nino may boost output, and defer(?) a forecast nickel deficit.


Copper  Supply disruptions to drive surplus into deficit this year.

Nickel  Filippino El Nino expected to boost to Ni miners output this year.

Zinc & Lead  Zinc market not showing much sign of tightness.  Price currently moving with other metals.

Tin  ANW to develop the Granville Sn deposit in Tasmania.

Aluminium  Weak RUB supporting Rusal’s export margins.

Gold  Some currency movement driving rises and falls.   Indian household holdings, put in perspective!

Platinum & Palladium  Zimbabwe trying to coerce producers to process, disappointed if production stops.

Oil  India expected to become the third largest oil consumer.

Coal  Sept-expiry thermal contracts potentially to be linked to spot, as were June and December expiry.

Iron Ore  Volumes up on re-stocking, a surge prior to the September celebrations, and low port inventories.

Shipping  Shipping rates up on surge in volume plus reduction in ship numbers.


Copper:  China is responsible for most of the past growth.

USA:  PMI – positive though slower growth ahead.

USA:  Construction Spending – Healthy.