Of particular note this week:
Base metals -LME + ShFE + CME Exchange inventories- the wider inventory picture adds clarity – (graphs have been rebuilt). Zn is still the tightest.
Fears of Chinese slowdowns continued to affect most commodity markets this week.
Australia Exploration spending: Minerals spend is recovering, while petroleum spend is still at bottom.
China’s winter restrictions surprisingly positive for demand and prices for bulks (coal & iron ore).
Oil: China’s demand is a key driver. Soon to outweigh USA.
Copper Indonesia to acquire RIO’s stake in Freeport Indonesia (Grasberg Cu-Au).
Nickel Price down on dissipation of EV hype. Vale wound back its Ni output forecasts for 5 yrs.
Zinc & Lead Zn premia in China down on soft demand. Output down on China’s winter restrictions.
Tin Formation of state-owned polymetallic miner via Inalum.
Aluminium Japanese agreed to higher premia on LME metal. China increasing recycling of Al cans
Gold Price at five month low, on several factors.
Platinum & Palladium Zimbabwe’s new cabinet scraps indigenisation, except for diamonds and platinum.
Oil China’s crude demand supporting the oil price.
Coal Settlement for HCC achieved.
Iron Ore China’s in ore imports rebounded!. Asian markets increasing (thermal) coal-fired power use..
Shipping Strong demand by coal and iron ore.
Cobalt: stocks and prices.
Pinchpoint updates: Cu, Zn, Ni, Pb, Sn, Al: Zn is clearly tightest.
Baker Hughes Rig Counts: Global rig counts increasing. USA is the largest swing producer.
Iron Ore – Pt Hedland shipments: Strong shipments, but flat growth in November.
Australia – Mineral & Petroleum Exploration Spend: Minerals recovering, Petroleum at bottom.
Germany – Industrial Production, Durable Goods, Construction spend: good growth all round.