Of particular note this week:

Zinc:  ‘metal’ shortage currently outweighs concentrate supply.

Nickel:  traders have Ni priced a bit ahead of its fundamentals (for now).

Oil:  Venezuela – PDVSA defaulted on debt.

Gold  new large Sino-Russian (resources) investment fund formed.

Iron ore:  wide price spread with grades.


Copper  Shanghai Futures Exchange is increasingly influencing LME (and CME) pricing.

Nickel  EVs will be important for Ni demand growth, however more later than just now.

Zinc & Lead  Currently zinc’s price performance is linked more to availability of metal than of mined concentrates.

Tin  When it comes to tin, supply has formed a habit of performing better than forecast.

Aluminium  The Nissan Casting Australia Plant to continue supply of parts for next generation cars.

Gold  Large Russian and Chinese JV investment fund formed, for mining & metals and for infrastructure.

Platinum & Palladium  Zimbabwe, the Russians and Grace and the military.  Darwendale Pt project (Russian) unaffected.

Oil  Venezuela’s state-owned oil company PDVSA has defaulted on its debt.  Now unable to export oil.

Coal  DBCT queue at 7 yr high.  Premium HCC is in short supply, and in demand from Japanese mills.

Iron Ore  China’s ‘winter restrictions in force.  Wide price spread with grades.

Shipping  Lacklustre shipping demand in Asia Pacific this week.


Port of Singapore Shipping:  positive growth driven by tankers and containers.  Bulks down (anticipating ‘winter restrictions’?).

USA – New Housing Starts, Industrial Production:  House Starts down.  IP steady growth.

China – Industrial & Energy Output:  despite Golden Week: electricity, glass, SUVs, & electronics, are good positive growth.

Japan:  LNG prices:  Contract price has risen on winter energy demand.