Comments of particular interest are noted with ‘*’.
- China’s Steel production growth has boosted iron ore prices and demand for bulk carriers.
- Base metals: South America is now a focus, with risks to base metals supply.
- Gold prices have improved. Plenty of risks available to trigger price responses including market fears of second+ waves of Covid-19 virus.
*Copper China’s Cu inventories at 17mo low levels. Chile has large Covid-19 infection growth rates.
*Cobalt Tesla plans to use of zero Co batteries but has contracted to buy major amounts of Cobalt.
*Nickel BHP acquired Honeymoon Well (Ni), from Norilsk, and is re-focusing on Ni.
*Zinc & Lead Peru’s forecast Zn output now cut back by Covid-19. China’s Pb output is stable.
Tin MLX’ Renison (Sn) mine life extended for ten years.
Aluminium Al market pricing likelihood USA will replace Canada’s tariff exemptions with quotas.
*Gold Despite some economic improvements, there remain plenty of risks and catalysts for Au prices.
Platinum & Palladium Amplats ramping up its mine production (very Covid-safe aware).
*Oil Iraq & Kasakhstan will comply better with OPEC+ goals. USA’s erratic focus remains concern.
*Coal Some NipponSteel Sep20Qtr LVPCI & SSCC agreements. India opening up mining to pte coys.
*Iron Ore China’s iron ore inventories at 17mo lows on strong steel production growth and outlook.
Shipping Cape rates up markedly on strong iron ore demand.
*Port of Singapore – shipping traffic: Strong growth for bulk carriers. Passenger traffic stopped.
USA – New House Starts: strong -ve growth, with recovery signs only in west.
USA – Industrial Production: strong -ve growth. Though not in good shape prior to Covid-19