Of particular interest this week:

Nickel:   forecast to remain in deficit.  However the market does not exactly agree with that analysis (yet).

Gold: price drivers have varying correlations depending on time-horizon.  FX Reserves and gold reserves. 

Copper:   disruption to supplies could hasten deficits.

Iron ore:  confounds the collective wisdom of analysts, … surges.


Copper  Escondida strike could tip Cu to deficit.

Nickel  Ni forecast to remain in deficit.  Philippines & Indonesia form a delicate supply balance. 

Zinc & Lead  RVR fully funded to restart Thalanga.  Building additional Resources.  

Tin  Pt Timah to increase exports significantly. 

Aluminium  NSW power stress softened by Tomago output cut. 

Gold  Improving economies in China, USA, tempered price increases. 

Platinum & Palladium  Atlatsa Resources stoppage on imine fatality.  South Africa losing its attractive environment, for business. 

Oil  OPEC et al may need to extend production cuts beyond June. 

Coal  Chinese met and thermal buyers slow to return to (spot) markets post New Year.   

Iron Ore  Prices and imports continue to surge. 

Shipping  Capes down and Panamax up. 


Gold Reserve holdings and an Price Drivers.  A mixed history of correlations.  China is selling USD and buying gold, but is not the only country selling USD and not the only one buying gold. 

Baker Hughes Rig Counts:  increased oil prices driving increased rig numbers, notably in USA.