Of particular interest this week:

Baker Hughes Rig Counts.  North America is the most reactive.

World Steel – production up in China (in a month that included Chinese New Year)!

Currency Effects – consider currencies other than USD.  It is increasingly often not the most relevant.

Base metal markets – backwardations and contangos starting to tighten.

Copper – supply-side tension.

Coal – HCC settlements.


Copper  Supply-side issues continue to affect copper, tightening  the market.

Nickel  Global Ni surplus reduced.  POS upgrades Maggie Hays nickel Resources.

Zinc & Lead  Zn TC’s settled for 2015 (increased).  Ivernia’s Paroo Station Pb mine on care & maintenance.

Tin  Prices down. Market does not believe Indonesian efforts can prop up prices.

Aluminium  Rusal pushing for China to curb semi-fabricated exports.

 Gold  Gold price settlements to be ‘fixed’ electronically.

Platinum & Palladium  Pt output from South Africa to recover, up 31% in 2015.  Market still in deficit.

Oil  New USA regulations on fracture stimulation challenged by industry.

Coal  HCC settlement for June Qtr (down).  PCI & thermal expected soon.  India opening up mining.

Iron Ore  Iron ore price forecasts for a lower floor.

Shipping  Cape rates hard hit on bulk volumes.  More ships laid up.


Baker Hughes – the drilling rig count is more reactive for North America.

World Steel – increased output, and in a month that included Chinese New Year!

AUDUSD currency effects – on received base metal prices.

Currency Indexes –  Changes in relative competitiveness.

USA – New Housing Starts, Industrial production & Capacity Utilisation

Japan – Electricity demand.