Of particular note this week:

Oil:   Last week there were forecasts of a range around USD 70/bbl and more. …  This week American production is the threat.

Cu-Zn-Ni:  are still the key base metals.


Copper  Glencore bullish on Cu outlook.

Nickel  Jinchuan plans to boost Ni sulphate output by 40% this year.

Zinc & Lead  ILZSG data:  Zn & Pb markets in deficits.

Tin  Tin premiums increasing on supply tightness, with Indonesian permit delays.

Aluminium  Tomago smelter readying for industrial action.  Largest electricity user in NSW.

Gold  M&A’s are not likely to be imminent.  Ore grades forecast to fall for (large) new projects.

Platinum & Palladium  Having lagged recently Pt is now out-performing.

Oil  Oil prices down on concerns re-US production increases.

Coal  HCC spot prices down.  Eskom’s perilous financial position scares South African coal miners.

Iron Ore  Brazil ore shipments down due to weather.  China demand down on winter restrictions.

Shipping  Cape and Panamax rates down.  Confusion over Indonesian laws requiring locally-flagged vessels.


Port of Singapore – shipping traffic:  positive container & tanker traffic growth and minimal bulks.

USA – New Housing Starts:  Low level in December

USA Industrial Production & Capacity Utilisation:  IP – modest growth.  CU – Resources strong.

Japan LNG prices:  Increasing with rising (avg) oil prices.