Shipping, CPI & Gold
Comments of particular interest are noted with ‘*’. … really! Do read these! *
- Shipping issues include inability for shipping companies to organise crew-changeover at many ports due to covid-19 restrictions, lack of flights and quarantine regulations. This will impact most formats of shipping.
- Conceivably the issue regarding crew-changeovers will also have some impact on how airlines manage their crew’s flight hours and breaks from flight times.
*Copper Resources depletion, and limits to operating at reduced (porphyry) grades. Outlook tight.
Cobalt DRC artisanal miners integrated into a formal structure under EGC.
*Nickel AZS’ – Andover deposit. Pedigreed operators. Considerable potential.
Zinc & Lead Zn supply & demand forecasts. Pb outlook buoyed by limited Li supply.
Tin Alphamin has more promising intercepts at Mpama South.
*Aluminium Yunnan’s hydropower is attracting relocations of China’s Al capacity.
*Gold USA CPI at +2.4% means negative real 10 yr bond rates, and potential Au price increases.
*Platinum & Palladium Pt & Pd market conditions are shaping up for further price increases.
*Oil Markets in turmoil over USA pipeline issues, Indian covid situation, and demand outlook.
*Coal Unusual trades emerging to plug ‘Australia-ban’ supply gaps. China needs to ‘keep the lights on’.
*Iron Ore China’s industrial and environmental, policies … signalling shifts. Policy goals vs GDP growth.
Shipping Asian freight rates up on strong commodity markets.
*USA CPI: drives negative USA 10y bond yields which may promote gold prices.
*Port Hedland – Iron ore Shipments: total shipments are flat though non-China offtake is growing.
*Singapore Port – Shipping traffic: Bulk carriers, tankers and container growth is recovering. However the numbers for passenger ships have seemingly vanished.
Gold – supply-demand: demand is recovering for jewellery, bar&coin and central bank buying.