Of particular note this week:

Updated pinch point graphs for Zn, Cu & Ni.  Zn and Cu prices ready to move.  Ni needs to lose / use inventories.

Oil – IEA found a lot more inventory (floating).

Coal – 90 day avg HCC price is rising.

Gold – Gold Demand Trends

Baker Hughes Rig Counts:  response to oil price shown.  USA has been the ‘real’ swing producer (since 1975).


Copper  The ‘death of copper’ has been forecast many times.  No one is doing that now!

Nickel  Indonesia’s changes to export decisions is not helping the Ni market.

Zinc & Lead  Spot Zn concentrate TC’s reduced in July (for clean cons).  Pb prices high on expected tight supply.

Tin  South Crofty – Cornwall to re-open in 2020.

Aluminium  Chinese smelter capacity cuts morph into capacity transfers.

Gold  India to introduce gold options contracts at its Multi-Commodity Exchange.  Gold Demand Trends.

Platinum & Palladium  Analysts argue that Pt will reduce in demand relative to Pd.  Is this right?

Oil  IEA says there is much more oil in storage than previously estimated.

Coal  HCC prices up leading the forecast Sept Qtr (90d avg) price..

Iron Ore  CISA jawboning iron ore price down (a bit).  Believes that the current tightness will not last.

Shipping  Cape rates up on robust demand (iron ore & coal).  Panamax rates steady on last week.


LNG Prices.  Stabilised at low levels, (based on low oil prices).

Cu, Zn & Ni Pinch Point graph updates:  Zn & Cu in the point zone, Ni has to reduce stocks.

Baker Hughes Rig Counts:  World and North American.  USA looks like the real swing producer.

Port Hedland Iron Ore shipments: Avg shipment rates down in July.