Of particular interest this week:

Copper:  supply disruptions.

Coal:  new benchmark prices – well above spot.

Backwardation & Contango:  base metals and comments on gold.

Oil:   IEA Report – expects strategic Reserves to absorb surplus.


Copper  Supply disruptions continue to tighten the Cu market.

Nickel  Glencore commits to 50% of Nova’s Ni output .

Zinc & Lead  Zn TCs reduce.  Drilling to start at Balaclava.  China’s auto market slows.

Tin  Indonesia exports of refined Sn are down on prior year.

Aluminium  Norsk Hydro secures Al-price linked electricity contract.

Gold  Analysts believe Au is seeking support near USD 1,100/oz, but is ‘not out of the woods’.

Platinum & Palladium  Constructive sale of Rustenberg Pt project.

Oil  IEA September report – Surplus oil likely soaked up by Strategic Reserves.

Coal  Benchmark settlements – Metallurgical and Thermal coals, both well above spot.

Iron Ore  China’s steel mills re-stocking iron ore inventories.

Shipping  Capes firmed.  Panamax slid further.


USA:   Sales of Existing Homes – Sales growth strong.  Inventory at stable levels.

OECD CLI:  – positive growth for emerging economies.  Slower growth for developed economies.