Of particular note this week:
Copper: major deposits are rare. Demand is growing.
Coal: HCC settlements in progress.
Battery materials: Cu, Ni, Co- demand outlook remain strong.
Copper Predicted deficit in copper concentrates driven by several factors incl: ore grades, regulations et al.
Nickel Ni battery market to double demand by 2020. Auto makers forecast strong output growth.
Zinc & Lead Macquarie forecasts big Zn restock n China in June Qtr. It will be tight! Pb TC/RC’s reduced.
Cobalt Forecast softer near term prices on surplus, firming up by 2022.
Tin USA & Asian tin premiums stable.
Aluminium China’s winter heating season & restrictions end 15 March. Market tightening?
Gold Britons buying more gold than Germans. ‘Glint’ … load up the credit card with gold.
Platinum & Palladium Fuel cell powered cars vs batteries.
Oil USA oil companies hedging prices to ~50% output. May be positive cashflows, first in a long time.
Coal Hard coking coal price settlements initiated, but may not yet be finalised. SSCC contracts vary.
Iron Ore Prices wide on quality. China port stocks of varied quality. ‘Effective’ stocks put at 2/3.
Shipping Cape rates softer on less demand for shipments. Panamax rates stable.
General Copper: Major deposits are rare.
Australia Exploration Spending: strong growth for all states except South Australia.
Pinch Point graphs: Cu, Zn, Ni, Pb, Sn, Al: most remain in tight conditions.
USA – Industrial Production & Capacity Utilisation: good growth. Resources high utilisation.