Of particular interest this week:

Many of the commodity markets are in flux of some form or other.  Each of the commodities reported this week reflect that state of affairs.

The market outlook for a number of commodities appears to be looking upward, based on actions now being undertaken (though prices for most are not yet actually climbing).

OPEC:  “a light at the end of the tunnel”.
Nickel:  to be the best performing metal in 2016.
Zinc:  Glencore cuts.  RXL’s Teena.


Copper  Cu prices up on Zn cuts.  Chile’s budget challenged by low Cu prices.

Nickel  GFMS predicts Ni to be the best performing metal in 2016.

Zinc & Lead  Glencore to cut 0.5 Mtpa, ~4% of global Zn supply.  RXL’s ‘Reward – Teena’ is potentially large.

Tin  Tin market in deficit for the first 6 mo of 2015 (WBMS).

Aluminium  In China, Cu and Al are battling for tenders for electricity transmission lines.  nb: Price vs Quality.

Gold  Indian demand for gold fell in September, after an exceptional August.

Platinum & Palladium  Heads of South African Pt mines are not concerned about VW, considering other demand outlook.

Oil  OPEC sees “light at the end of the tunnel”.

Coal  Activity in spot met-coal increased.  Indonesian thermal output to reduce.

Iron Ore  Vale becoming the lowest cash cost iron ore producer.

Shipping  Strong Capesize (iron ore) movements in Sept.  Panamax prices slipped on softs.


Baker Hughes Rig-Count – US rig numbers continue to reduce.  Saudi’s strategy is working.