Of particular interest this week:

Nickel:  Indonesian smelters to be built.

Zinc:  Market going into deficit, but … with permutations.

Platinum:  … only in America?  

Oil:  US storage / production issue.  Higher call on OPEC. … a precarious balance.

Iron Ore:  Hebei Province has environmental issues impacting steel.


Copper   Antofagasta resumes Cu production, but conditions agreed to delay future expansions.

Nickel   New NPI smelters to be built in Indonesia with completions between 2015 & 2018.

Zinc & Lead   IronBark Zinc emerging.  Deficits looming.  Chinese smelters stepping up output.  Permutations.

Tin   Further declines in tin price are expected.  Market is looking for Chinese policy stimulus.

Aluminium   Australia to escape the brunt of global plant shutdowns (by Alcoa).

Gold   The inverse relationship between gold price and the 10 yr bond is being tested.

Platinum & Palladium   The debt ceiling returns to USA.  The mooted Platinum coin is not considered a viable option.

Oil  Prices may stabilise only temporarily, until USA runs out of storage facility capacity.

Coal   Expect HCC JunQtr price down USD1-2/t.  Long Lunar NY effect still impacting thermal prices.

Iron Ore   China’s Hebei province suffering steel-mill shutdowns to combat pollution.

Shipping  n/c


Port of Singapore Shipping – February data good for containers and bulks despite the CNYr.

Germany – Industrial Production, Durable Goods, Orders to Construction.