Metal inventories continue to decrease, tightening base metal markets.

Chinese output continues to be strongest in consumer items, plus with +ve growth in energy consumption.

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


Copper  Teck is to choose a development partner for Quebrada Blanca.

Cobalt  Co prices are recovering.  LME Co contracts are not very liquid.

Nickel  WSA has approved the development of Odysseus, following completion of its DFS.

Zinc & Lead  PEX’ drilling intersected very high grades at Southern Nights.

Tin  Inventories increased.  Watch ShFE for trends.

Aluminium  Chinese Al output down for a third consecutive month.

Gold  Eastern European and Central Asia’s central banks are buying gold.

Platinum & Palladium  Changes to the definition of a kilogram.

Oil  Expectations that OPEC will reduce production at its meeting on 6 Dec.

Coal  Global coal demand is forecast to remain flat till 2025.

Iron Ore  Looming winter months in China expected to slow construction, alongside auto production.

Shipping  Cape rates fell heavily.  Panamax rates reduced.


Singapore Shipping:  ongoing +ve growth in containers, plus bulk and tankers.

China – Industrial & Energy Output:  +ve growth in energy, and consumer items.