Of particular note this week read those items below marked with “*”:


Copper   **Cu supply still sensitive to potential disruptions (Chile & & Peru).

Nickel ** USA sanctions against Russia do not affect nickel … yet!  Watch closely!

Zinc ** & Lead  Zn:  China and others, watching Greenland elections.  Pb: North Korea exports.

Tin  Demand is growing.  China may restructure its industry further.

Aluminium  Rusal’s cargoes of aluminium are severely disrupted by USA’ sanctions.

Gold  Doubts for M&A on established projects.  Look more to emerging production.

Platinum & Palladium  Northam Platinum’s Pt recycling business starting to deliver.  Impact of any sanctions on Norilsk.

Oil  Optimism returning to the oil market.  Oil inventories have reduced.

Coal  Tohuku settles JFY thermal contracts.

Iron Ore  Iron ore inventory at Chinese ports thought likely to be mostly lower grades of ore.

Shipping  Demand for Cape vessels jumped.


Japan – LNG Prices **:  Down in March … Oil prices up in April – expect LNG to follow.

USA Housing Starts:  volatile but trend is for good growth. .

USA Industrial Production & Capacity Utilisation:  consistent steady IP growth. .

Pinch-Point updates  **– Cu, Zn, Ni, Pb, Sn, Al:  All tight!  (incl Ni)