Of particular interest this week:

Contango(backwardation):  Prices and inventories are heading in opposite directions.  Watch the contango/backwardation movements.

Copper: Zambia produced 4% of global Cu in 2014.  There are issues this year.

Coal:  The coal industry, like others is going through upheavals striving to adjust to the changing economic landscape (seascape), and various other disruptions.

Gold:  Miners sell into market prices. But how much there is to sell varies.



Copper  Zambia wrestling with low Cu income and economic implications.

Nickel  WSA’s view and outlook.  Potential catalyst at end of 2015, early 2016?

Zinc & Lead  Chinese commitments to reduce output.  Drilling results from THXAMI takes a deep breath.

Tin  ITRI forecasts deficit for 2015-16 despite demand decline.

Aluminium  Chinese smelters asking government to buy surplus production.  Non-committal reply.

Gold  Miners optimising (high-grading) mine schedules, to survive current pricing.  Media is too focussed on the USD price of gold.

Platinum & Palladium  Pt overall market deficit in 2015.  Balanced market forecast for 2016.

Oil  Iran to reveal framework for oil & gas contracts.  LNG prices: a recent history.

Coal  China focus on monthly avg thermal pricing.  Australian Coking shipments to slow over summer.  JAL PFS on Crown Mtn is good.  River levels key in Europe and Kalimantan.

Iron Ore  Chinese steel capacity reductions.  Small Australian producers (AGO & BCI) cut costs.

Shipping  Sharp jump in Capesize activity.


Contango – Backwardation – more tightening than weakening of markets.

USA – Orders to Durable Goods, Vehicles, Computers & Electronic Product –

Japan – Electricity Demand – still contracting.