Comments of particular interest are noted with ‘*’.
Base metal inventories remain tight. Most focus still remains on sentiment, tariffs and trade wars.
*Copper Outlook for fresh Chinese demand lifts prices.
*Cobalt Opposition wins elections in DRC. UN to evaluate results.
*Nickel Vale has long term plans to continue mining at Sudbury, based on outlook for Ni.
*Zinc & Lead Zn price is disconnected from fundamentals. Pb sees Chinese pre-NewYear stockpiling.
Tin Chinese imports of Sn content from Myanmar are down yr-on-yr. .
Aluminium Consider aluminium as a leading indicator, and a metric of Asian growth and activity (as well as copper).
Gold Goldman’s forecasts a higher gold price in 2019.
Platinum & Palladium High spot Pd prices may lead to substitution by Pt, if outlook is sustained.
*Oil OPEC cut supply, but USA playing a key part in oil oversupply.
*Coal Benchmark coking coal prices. Aust and Indonesia lose thermal market share to Russia & USA.
Iron Ore RIO reports fire at Cape Lambert terminal.
Shipping Panamax rates reduced this week, despite increased fuel prices.
*Bond Yields, curves and margins: USA rates still ‘normal, but tight. Aust short end inverted.
*PinchPoint updates: Inventories continue to reduce, regardless of (sentiment driven) prices.
*Baker Hughes Rig Counts: Expect Rig counts to reduce in current lower oil price environment.