Of particular note this week:

Aluminium:  “Australia’s exemption from US steel & aluminium tariffs will be about as beneficial as
exempting Pitt St Mall from hot weather when Sydney is 40 degrees.
Largely meaningless lip service.
If global trade is dislocated, it will hurt Australia.  HARD.”
– Source: Stephen Koukoulas

Copper:    a better inflation hedge than gold!   –

Gold:  a frustrating investment.  Buy miners instead!

Zinc:   Inventory jump (Glencore loitering).

Nickel:  Market is segmenting, really!


Copper  Copper is a better inflation hedge than gold.

Nickel  Nickel market beginning to divide / segment according to product and usage.

Zinc & Lead  Zn inventory jump considered temporary (Glencore).  Peru’s Logisminsa pulls back on Pb facility.

Tin  Sn premia are stable in Europe, USA & China.  Speculative buying on trade war threat.

Aluminium  ‘Allies’ seeking exemptions on USA tariffs.  Australia exempted, but this is meaningless.

Gold  Gold and silver have been frustrating trades.  Invest in gold mining companies instead.

Platinum & Palladium  Japan to secure rights to source Pt for 20% of its requirements from South Africa.

Oil  Oil industry will need ‘huge’ investment in the next 25 yrs, just to meet forecast demand.

Coal  Nippon Steel poised to settle premium HCC Mar18Qtr prices.

Iron Ore  Iron ore prices have peaked but nadir is forecast for June18Qtr, according to bank.

Shipping  Capes softer but Panamax rates strengthened.


Port Hedland – Iron ore shipments:  continuing to grow yr-on-yr.

Pinch Point Updates – Cu, Zn, Ni, Pb, Sn, Al:  Cu & Zn affected by inventory.  Ni is good.

Baker Hughes – Drill Rig Counts:  up in February, largely on Canadian seasonal moves.

USA – Construction Spending:  Private spend is now +ve !  Non-Residential growth > Residential !