Of particular interest this week:

Copper:  All being well (and when does that happen), expect over-supply.

Nickel:  Still looking for the supply crunch.  Several variables.

Oil, Gold, Rig-Counts:  Saudi is already able to see the pain threshholds of other producers.

Iron Ore:  wide differences of opinion.


Copper  Major miners believe supply will exceed demand until 2018.  … but what about disruptions?

Nickel  The anticipated supply crunch has not occurred (yet).  Still several opinions and balls in the air.

Zinc & Lead  MMG is revising its development plan for Dugald River.

Tin  Key Indonesian smelters now cutting output.   … plus putting up a floor price.  Good luck!

Aluminium  Indonesia has not had much success in having new alumina refineries to home soil.  Re-think?

Gold  Venezuela (oil producer with not much cash reserves)’s central bank is to use its gold reserves.

Platinum & Palladium  Anglo American is considering listing (spinning off) some of its South African Pt mines.

Oil  IEA reduced forecasts of non-OPEC supply rates.  Saudi is seeing others’ pain thresholds already.

Coal  Spot met-coal under pressure.  BHP wins a significant index-based met coal price deal.

Iron Ore Difference of opinions on outlook for Chinese steel demand.  Back the long term planners.

Shipping  The market may have bottomed.  (graphs, discussion and catalysts inside).


USA:  New Housing Starts.

USA:  Durable Goods, Vehicles, Electronics Orders.

Baker Hughes Drill-Rig Count (World Wide):  North American count falls the fastest.

Global Steel production:  China’s output growth has slowed.  India’s is surging.