Commodity Review 20180907 by Andrew Pedler – Now Available
This week’s comments of particular interest are noted with ‘*’.
SUMMARY
*Copper Differences between short term (traders & spec) and long term (corporate) perspectives .
Cobalt Cobalt sulphate demand is a key driver of mi-long-term forecast demand
*Nickel Philippines – limiting land area(s) to be developed for mining, and tightening enviro-regulations.
*Zinc & Lead Zn TCs have fallen sharply. Concentrate supply is tight. Euro restrictions on Pb batteries.
Tin Mines in Myanmar in focus but with an uncertain outlook. Potential for deficit markets.
Aluminium Rusal increasing Al exports (despite sanctions).
Gold Gold price fluctuating with USA economic news and various currency movements.
Platinum & Palladium Global Platinum supply to contract.
*Oil USA sanctions on Iranian oil exports will be hard on India.
*Coal Indian mills agree volumes and price mechanism for Dec18Qtr met coals. Thermal (Oct) contracts.
Iron Ore Chinese steel mills’ output constrained by government pollution curbs.
Shipping Panamax rates softer, and Cape demand reduced this week.
General
*USA Interest Rates and Yields: an historical review, including global financial crisis.
*Australia – Exploration – Minerals & Petroleum: minerals recovery, petroleum still weak.
*USA – Construction spending: including GFC comments: current growth is strong.
Japan – Industrial Production & segments: growth is positive but has slowed.