Of particular note this week is:
– the world has at least 50 years of gas supply at current consumption rates, and has had for the past 30 years;
– global LNG importers and exporters;
– the Indonesian bans’ impact on the copper-concentrate market;
– comment on the outlook for gold price;
– benchmark met-coal prices;
– Chinese industrial output; and
– keep an eye out for the Indonesian elections (polling has started but July 9th is the main day).
SUMMARY
Copper – The outlook for copper (miners) with ‘clean’ concentrates is stronger, and the market tighter, than you may think.
Nickel – Indonesian elections are under way. Ni prices eased on belief that near-term supply is adequate.
Zinc & Lead – Kidman Resources (KDR) Zn-Pb intercepts in NSW.
Tin – Tin market forecast to report a deficit for the fifth year.
Aluminium – Citic trying to locate alumina that it had stored in warehouses at Qingdao port.
Gold – Gold bugs are stirring, but too much excitement is not warranted. Lower gold prices are forecast.
Platinum & Palladium – Korean auto market is slowing.
Oil – USA’s oil production in March Qtr ranked it as the highest global producer.
Coal – Settlements for LVPCI and SSCC. CKA’s permitting in Kalimantan is almost complete.
Iron Ore – Prices up as Chinese steel mills restock. Port inventories down from record levels.
Shipping – Shipping demand improved during the week, but conditions remain harsh.
General Economics
Zinc premium to Lead prices is positive again.
World Gas Production & Consumption including LNG Exports & Imports.
China – Industrial Output: iron ore, steel products, vehicles, non-ferrous metals, electricity, cement, fertiliser, copper materials and alumina. Only fertiliser has negative growth.
USA: Purchasing Managers’ Index: good, Construction spending: even public spend was up.
Japan: Industrial production. Slow but positive growth.