Of particular interest this week:
Coal – Benchmark thermal set well above spot prices.
Iron Ore – Hamersley shipments just down from peak shipment levels.
SUMMARY
Copper – Glencore suspended planned projects as Zambia’s govt. withheld tax refunds.
Nickel – Ni prices forecast to recover within 12 mo.
Zinc & Lead – Glencore cut jobs at zinc operations in Zambia.
Tin – n/a
Aluminium – Aluminium increasingly replacing steel in automobiles (in USA).
Gold – Prices down on good labour market data and expectations of higher interest rates.
Platinum & Palladium – SA producers now faced with reduced prices on top of production recovery challenges.
Oil – OPEC to meet in November to decide stance. .
Coal – Benchmark SSCC and thermal established.
Iron Ore – Port Hedland shipments in September slipped, from record levels in August.
Shipping – Markets slowed. .
General Economics
USA: PMI – slower but positive growth;
– Construction Spending, generally positive growth (+ve yr-on-yr), except Public sector (again).
Japan: Industrial Production. (-ve).
Germany: Industrial Production (+ve), Orders to Durable Goods (-ve), Orders to Industry (+ve).