Of particular note this week:

 Oil:   Saudis say mnarets are rebalancing

Australia Coal exports – an historical update.  Weather disruptions a key factor to tighter Australian supply

Platinum – Zimbabwe royalties could shut plants.


Copper  Markets reopened slowly post Lunar New Yr holidays.  Indonesia near agreement with Grassberg.

Nickel  CRU reports Ni mkt deficit for 2017.

Zinc & Lead  Nyrstar believes the Zn conc mkt TCs are at a turning point (upward).  Nyrstar is a smelter!

Tin  WBMS reports Sn mkt deficit in 2017.

Aluminium  Japanese buyers have been offered an increased premium price for primary Al metal shipments.

Gold  High Au prices reduced physical demand in India, in addition to impact of taxes and rules.

Platinum & Palladium  Zimbabwe planned export duty on Pt-Pd concentrates could see closure of Zim-plants.

Oil  Saudi says mkts are rebalancing.  Venezuelan election in perilous economic conditions.

Coal  Weather disruptions support high HCC spot prices.  India approves liberalisation of its coal industry.

Iron Ore  Spot CFR iron ore price (62% – benchmark) holding up well, with ongoing big discounts to lower grades.

Shipping  Cape rates stable.  Panamax rates up this week.


Australia – 2017 coal exports:  reduced from 2016, in large part due to Cyclone Debbie.

Pinch-Point Graphs – Cu, Zn, Ni, Pb, Al, Sn:  mostly tightening.