Of particular note this week:

Copper:   Revised DRC royalties.

Nickel:   industry needs to work to meet battery demands.

Oil:   Exxon’s divergent outlooks.

USA – PMI – robust outlook

Japan – strong industrial production.


Copper  Iran holds about 3% of global Cu Reserves.  DRC has revised mining royalties – higher.

Nickel  The nickel industry is not structured to cater to the specific needs of EV battery manufacturers.

Zinc & Lead  Zn: NCZ Century operations to commence in the Sep18Qtr.  Pb: Mosses clean up.

Tin  Low-lead tin premiums are at a 4 yr high.  PT Timah to increase output.

Aluminium  China to aggregate major Al companies.

Gold  Analysts expect a sustained Au price rally.

Platinum & Palladium  Platinum is recovering against Palladium.

Oil  Exxon’s two divergent outlooks.

Coal  Coking and thermal markets remain robust.

Iron Ore  China opening its iron ore futures to foreign traders.  Attempting to increase influence on prices.


USA TWI correlations:  Not as clear-cut as myth and lore would have us believe.

Pinchpoint graphs – Cu, Zn, Ni, Pb, Al, Sn:  incremental tightening continues.

USA – PMI:  Strong outlook.

USA – Construction Spending:  positive growth, albeit slowing.

Japan – Industrial Production:  Strong growth.