Of particular interest this week:

Oil:  OPEC decided to not support prices, in order to not lose market share for its members.  Broadened the onus for market-response to low prices to all producers.

Currency movements weighted by perception of OPEC’s decision on national budgets.

Lead:  Professor describes need for grid-scale power storage for WA – to handle supply distortions by renewable supply relative to demand.

Aluminium:  Idea to use of an aluminium smelter operation as a (large) virtual battery.


Copper  – Codelco forecasts USD 6,614/t avg Cu price for 2015.

Nickel  – Global Ni consumption forecast growth at 6%.  Jinchuan, not BHP, secures offtake from WSA.

Zinc & Lead  – Peru’s Volcan prepared for better Zn prices in 2015.  Large-scale batteries needed for renewables in WA.

Tin  – Latest Indonesian ‘plan’ to support Sn prices.

Aluminium  – Use an aluminium smelter as a virtual battery, to offset fluctuations in renewable power supply.

Gold  – India over-took China’s lead-position in gold demand in the Sept Qtr.

Platinum & Palladium  – Pt & Pd price-setting to become electronic.

Oil  – OPEC’s decision has wide impact(s).

Coal  – Australian share of Chinese imports increased;  but imports are down.

Iron Ore  – Miners are trimming costs and adjusting operations to cope with low ore prices.

Shipping  – Cape-size and panamax rates reduced.


Oil – Producers & Consumers – Importers & Exporters

USA – Orders to Durable Goods, Vehicles and Computers et al – good growth reported.

Japan Electricity Demand – growth is reduced.

Japan – Orders to Machinery – some segments showing good growth.

nb:  new tables of Interest Rates & Asian foreign exchange data (p.27)