Of particular note this week:

The world economy is looking reasonably healthy, with:

Steel production – widely showing positive growth.

US Industrial production and housing starts showing modest positive growth

Zn and Cu are tightening … Copper’s forecast ‘wall of supply‘ has not shown itself, and Zn TC’s are falling.

Met coal prices are again improving, and iron ore prices are holding up well.

Political risk of operating in South Africa has escalated markedly (Au & Pt), increasing uncertainty for supply.


Copper  Glencore invests in Brazilian Cu producer.  ‘The “wall of supply” of Cu has failed to emerge’.

Nickel  Norilsk continues to (try to) exit its African investments.

Zinc & Lead  Zn TC’s continue to fall.  Zn deficit continues.  Reduced Pb mine supply.  TCs’ reduced there too.

Tin  MLX evaluating financing Rentails.

Aluminium  Chinese output increased.  Nb: not a coordinated output effort.

Gold  South Africa intends to suspend the granting of applications for prospecting and mining rights.

Platinum & Palladium  Atlatsa Resources to close its Bokoni Pt mine in South Africa.  Costs have increased but not prices.

Oil  OPEC et al producer meeting this Monday.  Outlook is soft.

Coal  Met-coal prices in Asia ratchetting upward.  Strikes in the Hunter Valley (vs Glencore).

Iron Ore  Prices touch USD 70, but Citi analysts still bearish.

Shipping  Rates up for Cape and Panamax vessels in the Asia-Pacific.

General  Port of Singapore: shipping traffic suggests healthy Asia-Pacific trade.

World Steel:  June production – continues positive growth, including China.

USA:  Housing Starts, Industrial Production, Capacity Utilisation.  Slow but steady growth.