Despite all the geopolitical uncertainty, the world appears to be reporting good economic growth, volatile rhetoric, but reasonably consistent growth.

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


Copper  Chilean economy growth higher than expected.  May be a reflection of global growth.

Nickel  LME is considering offering contracts for metals used in batteries..

Zinc & Lead  Reduced Chinese mined Zn, & smelter maint may boost price.  Pb price premiums in Asia tighter.

Tin  Old British Sn mines being re-evaluated to meet EV market demand.

Aluminium  Trump’s sanctions (on Rusal) causing trouble in global aluminium markets.

Gold  A strong USD, and a lack of fear is constraining gold price.

Platinum & Palladium  Strong ZAR is putting pressure on South African Pt producers.

Oil * Oil inventories are at a 3 yr low and may decline further.

Coal  Annual thermal coal JFY price negotiators are still far apart on expectations.

Iron Ore * China’s tough enviro-policies have brought new supply-demand challenges.

Shipping  Cape and Panamax rates both increased.  However African bauxite vols impacted by a strike.


Port of Singapore – traffic*:  Positive growth overall and in tankers and containers.

Pinch Point Updates- Cu, Zn*, Ni*, Pb*, Sn, Al:

USA New Housing Starts:  continued positive growth.

USA Industrial Production & Capacity Utilisation:  steady IP growth.  Oil&Gas Cap.Util’n at 100%