Commodity Review 20190125 by Andrew Pedler – Now Available

Commodity Review 20190125 by Andrew Pedler – Now Available

Comments of particular interest are noted with ‘*’.

As with last week’s report on OECD CLI, commodities markets and other economic data are indicating slowing growth.  However base metal markets remain tight with most prices increasing this week.


*Copper  Outlook for Cu is supported by ‘digital age’ demand, despite IMF reduced growth outlook.

Cobalt  Major consumers teaming up, using blockchain, to track Co sales from DRC.

*Nickel  Outlook for Ni is for deficits.

*Zinc & Lead  Zn prices at 3mo highs.  Market is balanced … ‘knife-edge’.  PEX drilling.

Tin  Sn market tension ‘eased’ by large LME delivery.

Aluminium  USA-China trade tensions supporting Al prices, and Indian import volumes.

Gold  Au price up.  USA Fed, IMF, China-USA trade talks, all in the pot to influence Au price moves.

Platinum & Palladium  South Africa is seeing an increase in Pt output.

Oil  Venezuela:  contributes to uncertainty of supply for oil.

Coal  Chinese thermal prices up ahead of Chinese NY.  Indonesia pursuing domestic cargo insurance.

Iron Ore  China’s economic growth slowing.  Uncertain how much effort Govt will make to boost demand.

Shipping  Panamax and Supramax rates down.


*World Airport Runway Elevations:  About 10% are less than 5m above sea level.

*China:  Industrial and Energy output:  +ve growth focussed in high tech, tspt & consumer.

*Germany – Industrial Production Durable Goods, Construction:  -ve IP & durables. +ve constr.

*United Kingdom – Industrial Production & segments: negative growth.