Of particular interest this week:
–          OECD Composite Leading Indicators
–          Nickel – circumventing the Indonesian rules
–          Gold  – outlook for a lower gold price


Copper  – Mine expansions boost Zambia’s copper production.

Nickel  – Chinese NPI producers hoping to circumvent Indonesia’s Ni ore ban with low-(Ni)-grade ore.

Zinc & Lead – MMG reduced its 2014 Zn output target.  Panasonic establishing a lead-acid battery plant in India.

Tin  – Clarification of some rules for tin as a ‘conflict mineral’.

Aluminium  – Boeing books a large order to Qatar Airways.

Gold  – Outlook for a lower gold price, and lower AUDUSD if USA’s budget deficit reduces.

Platinum & Palladium  – Palladium demand helped by car sales in China and USA.

Oil  – The US ban on oil exports being gnawed at by individual rule changes.

Coal – Australia’s export volumes are increasing despite lower prices.

Iron Ore – China to close up to 80 Mtpa of iron ore capacity this year.

Shipping – Capesize and Panamax rates declined this week.


OECD Composite Leading Indicators (May data), in aggregate, suggest improving conditions ahead.

USA – Housing starts growing strongly in June.

USA – Industrial Production continues steady growth.  Capacity utilisation improving fractionally