Of particular note this week:
Zinc: Zn into backwardation. Other base metals widen contangos
Oil – Supply/demand to balance Mar18Qtr, sooner than forecast. Venezuela prices its oil in CNY. Kurds referendum on Independence.
Coal & Iron ore – strong steel margins drive demand.
China – Industrial Output – as prior months, weak bulks but stronger manufacturing segments. Strong Freight and Electricity usually taken as key indicators of strong economic growth.
Copper SA government funding work toward boosting state copper production. China’s Pb stocks ‘critical’.
Nickel Vale suspended its Onca Puma Ni mine in the Amazon, pending community regulatory issues.
Zinc & Lead Zn in backwardation. RVR now in production, IBG still working on it.
Tin China’s non-ferrous metal output at one year low in August. .
Aluminium China to lend Guinea USD 20 bill for 20 yrs toward bauxite concessions.
Gold Gold price having a muted response to geopolitical risk.
Platinum & Palladium Zimbabwe headed toward elections in 2018.
Oil Kurdistan to hold a referendum on independence (Sept 25th).
Coal Steel mill margins are still strong. Chinese crude steel output at new monthly record.
Iron Ore China’s steel mills opting for higher grade iron ore and coking coal in preference to port stocks.
Shipping Cape rates up and Panamax rates up.
Singapore – shipping: positive growth for containers and tankers, with negative growth for bulks.
USA – Electricity End-Use – positive rowth after two years of declines.
China -Freight – strong growth – a key indicator of Chinese economy.
China – Industrial output. – weak bulks but stronger manufacturing and electricity segments.