Of particular interest this week:

Economic data:  from USA, Japan, Germany – slow but positive trends.

Nickel :  non-confirmation of Regina Lopez likely to stabilise supply-side for Ni.  Now watch for demand.

Zinc – forecast for price increases by end of yr.

Base metals:  most markets’ contango’s  tightened this week.


Copper  CZI drilling into additional mineralisation at West Musgrave.  Freeport facing another strike.

Nickel  Philippines supply side expected to stabilise.  Watch for demand growth.  Ni mkt is tightening.

Zinc & Lead  RMR acquires Keel (Zn) in Ireland.  Macquarie forecasts increased Zn prices by end of yr.

Tin  Sn inventory fell, … but do not believe everything you read in the media.  Watch Myanmar.

Aluminium  Iceland electricity prices may be about to increase, as power stations seek a commercial return.

Gold  World Gold Council March Qtr report – highlights.

Platinum & Palladium  Pt’s low price not considered sustainable by industry.

Oil  Oil prices supported by OPEC & Russia’s commitment to extending supply cuts at next meeting.

Coal  Coking coal price talks to resume.  Thermal talks may result in a ‘hybrid’ settlement.

Iron Ore  Imports by major (non-Chinese) customers shows strong growth.

Shipping  BDI fell to a 7-week low.

Pt Hedland:  Iron ore shipments
:  at near record levels in April.  Up on stronger offtake by China.

Baker Hughes Rig Counts:

USA:  Industrial Production Capacity Utilisation, PMI:  – positive growth, though slow.

Japan:  Industrial Production: positive growth

Germany:  Industrial Production, Durable Goods, Construction:  positive growth trend continues.