China – Interest Rates

This week’s comments of particular interest are noted with ‘*’.


Copper  Concerns of impact of trade tensions continue to ease.

Cobalt  Low cost of mining in DRC provides buffers against new high royalties for strategic minerals.

Nickel  Inventories continue to fall.  Prices yet to really recover from the trading war rout.

Zinc & Lead  Zn market deficit deepens.  G1A and PMY developing Pb-Ag deposits.

Tin  Tin usage growth is slowing as tariffs compound longer term weaknesses in the Sn usage profile..

Aluminium  Japanese premiums reduced slightly.  Global output increasing.

Gold  Indian dowrys.

Platinum & Palladium  Pd outperform short term.  Pt outperform long term.

*Oil  Russia’s oil production increased to a new post-Soviet high, ahead of OPEC meeting.

Baker Hughes Rig Counts:

*Coal  NipponSteel benchmark metallurgical coal settlements.

Iron Ore  China’s iron ore (physical) trading platform seeing record volumes.

Shipping  Demand eased for Capes and increased for Panamax.


*Interest Rates/Yields – Australian and USA:  comparisons link short term differentials to FX

*PinchPoint updates:  Holidays are now over.  Inventories are falling with some price responses.

*China – Industry and Energy Output:  slower but positive for energy, & other select areas.

USA – New Housing Starts:  strong positive growth.