This edition is abridged, with sparse comments, and largely focussed on data reporting, though there have been some interesting price movements this week, while I have been recovering (well) from eye surgery.

Of particular interest this week:

OECD:  slowing overall, but positives in Asia.

Iron ore:   Prices and Cape shipping rates surge on re-stocking.


Copper  Southern Copper suspended development of Tia Maria.

Nickel  Concerns about an increase in inventory (this week).

Zinc  & Lead  The market is watching the impending closures of Century and Lisheen.

Tin  Indonesian producers struggling for traction (still).

Aluminium  Market still struggling to digest record production from China … but inventories continue to fall.

Gold  Price has managed to break through the USD 1200/oz level.

Platinum & Palladium  Outlook (USD/Oz) is for depressed prices.

Oil  Price recovering bit by bit.  Inventories still high.

Coal  HCC prices stabilising?  WHC reducing cash costs.  Coal price does not correlate with oil price!

Iron Ore  Spot iron ore prices run may falter as destocking completes.

Shipping  Surge in Capesize rates.


OECD Composite Leading Indicators – over all slow, but with upside in Asia and the sub-continent.