Of particular interest this week:

USA Construction Spending:  strong growth into the manufacturing segment.

Australia: coal exports – longer term outlook for thermal improves.

Backwardation & Contango:  base metals and comments on gold.

Oil:  prices to match producer national budgets.


Copper  Zambia’s Cu mines are now struggling under low prices, poor power supply and changed taxes.

Nickel  “Bring on the monsoon”.  Miners wish to constrain the Philippine mining season.

Zinc & Lead  Zn supply constraints are growing.  Demand is resilient.  US auto-demand is strong.

Tin  Recycling has increased steadily over the past decade.

Aluminium  China considering large production cuts.

Gold  New gold supply does not have material impact upon price.

Platinum & Palladium  Anglo American plans to sell South African Pt assets.

Oil  Oil prices needed to balance major suppliers’ national budgets.

Coal  JAL PFS complete.  Longer term demand for thermal coal improving with new commitments to power station builds.

Iron Ore  RIO retains long term view for China steel production.  BHP softens a little.  Hedland ships record.

Shipping  Atlantic & Asia-Pacific dry-bulk freight rates mixed this week.


USA – PMI, Construction Spending – spend growth on the manufacturing sector is very strong.

Japan – Industrial Production – growth has slowed to a crawl.

China – Industrial Output – growth is slowing selected key areas, though is positive in others.