Of particular note this week:

Copper & Zinc :  solid outlook(s)

Nickel:   Philippines uncertainty still rules.

China – Industry & Energy Output:   generally positive growth.  Some differences between ‘older’ economy, and ‘newer’ economy.

Rig Counts:  perhaps a balance is being achieved, with response to falling oil prices seen in reduced rig counts.  USA has been the real swing producer for four decades.


Copper  Earthquake in Chile did not impact production.  Outlook for Cu remains solid.

Nickel  Philippines’ environmental secretary now confirmed.  Yet to reinstate suspended production.

Zinc & Lead  Glencore is increasing its exposure to zinc.

Tin    low inventory, wide backwardation.

Aluminium  NUMSA members to end strike at S32’s smelter.

Gold  US rate hikes expected to have less effect than geopolitical concerns in near term.

Platinum & Palladium  Pt & Pd prices at parity.

Oil  Hurricane Nate not expected to damage USA oil infrastructure.

Coal  JFE in Dec17Qtr discussions for SSCC.  Tohuku discussing Oct thermal contracts.

Iron Ore  China’s property sector under stress in August.

Shipping  Shipping rates recovered toward end of week.


Baker Hughes Rig counts:  May be reaching a production / price balance.

Port Hedland – iron ore shipments:  still close to record levels.

USA – PMI – strong.

USA – Construction Spending – positive for private and residential spending.

China – Industrial and Energy Output:  generally positive growth.