Of particular note this week:

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

Copper: Zambian power issues likely to disrupt.

Oil – 50 is the new 40.

Coal – Chinese steel ouitput not showing signs of retreating.


Copper  Zambia’s state power company increased power, resulting in disputes with miners.

Nickel  BHP to build major Ni sulphate plant targeting EV markets.

Zinc & Lead  Zn deficit may be reduced by new supply, but not until beyond 2018.

Tin  China to allow imports of some kinds of non-ferrous scrap.

Aluminium  Chalco boosting production to capture market share of others’ capacity cuts.

Gold  Price may move upward on physical fundamentals, but not in dramatic movements.

Platinum & Palladium  The first EVs were built in 1880.  Caveat:  predicting technological revolutions is prone to error.

Oil  For oil 50 is the new 40.

Coal  Chinese steel and coke pricing shows no sign of retreating.  Strikes to hit supply

Iron Ore  Chinese steelmakers eyeing high-grade ore to boost output.

Shipping  Shipping rates increased on good demand.


Port of Singapore:  positive growth, except for bulk carriers.

Pinch Point update Cu, Zn, Ni:  prices improved.  Inventories in Zn & Cu reduced.

USA – Housing Starts:  slowdown in housing starts.

USA Industrial Production, Capacity Utilisation:  good consistent IP growth.