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.
SUMMARY
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.
General
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.