Of particular interest this week:

– OECD Composite Leading Indicators – a bit of a mixed bag, though the usual suspects tending to move consistently.

– Zinc-Lead – China planning to impose minimum production limits on small operations .

– Coal – Potential HCC Dec Qtr price rollover.  .

-AUDUSD – rate fall … led to improvement of AUD denominated price changes this week.


 Copper  – China’s inflation touched four mo lows, factory gate prices down.  Look to power stations for upside.

Nickel  – Philippines’ export bans likely to take time to be enacted (if at all).

Zinc & Lead – Expect tight credit in China to see inventory shipped into LME warehouses. CHina planning to implement a minimum production limit for small miners.

Tin  – Indonesian smelters holding (inventory) out for higher prices.  Risky business – trying to support prices.

Aluminium  – Premiums increasing.    .

Gold  – Better economic conditions leading to softer outlook for gold prices.

Platinum & Palladium  – South African mining output of Pt lower than expected.

Oil  – USA supply is one driver of global glut of crude oil.

Coal   – 40% of export coal producers are cashflow negative.  Something has to give!  AUDUSD?  May have already started, but will it last?

Iron Ore – “end of the iron ore age” reports are premature.  ‘Something has to give’ in this market too.  Prices?  FX will help small Aust producers.

Shipping – Mixed outcomes – Capesize slower, Panamax supported.


OECD Composite Leading Indicators:  a bit of a mixed bag, though the outlosok(s) for the usual supects tend to be in line with expectations.