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

Base metal inventories selectively reduced this week.  Ports data and other commodity markets reflect some uncertainty in potential outcomes from trade ‘agreements’.


*Copper  Glassenberg highlights copper inventory falls.

*Cobalt  Chinese battery maker GEM Co, has halted (contract) buying from Glencore upon recent price falls.

Nickel  Cuba’s Ni + Co production will exceed 50 ktpa in 2018.

Zinc & Lead  Antamina (Cu-Zn) mine to have a large impact on Peru’s forward Zn output.

Tin  ShFE inventories fell and LME increased … a turnaround from recent movements.

Aluminium  Chinese Al output and exports increased.  New capacity likely outpaced closures.

*Gold  Price movements attributed to, and awaiting further economic news.

Platinum & Palladium  New catalyst design requiring 25% of Pt in current versions.  Likely to take time to implement.

*Oil  China (may be) about to resume buying USA crude oil.  Chinese buyers are wary.

Coal  Qld cyclones and rail strikes add to volatility.

Iron Ore  Spot prices up broadly with smaller increases at the premium quality end.

Shipping  Panamax and Cape rates, both up.


*Singapore Shipping traffic:  Positive for Tankers, and slightly so for Containers.  Bulks down.

*Port Hedland Iron Ore shipments:  Nov (month) was down but up for the 12 mo to Nov.

*Japan LNG Prices:  Contract and Arrival prices up, though expect a reduction in December.