Courtesy of ANZ:
Newc thermal coal futures posted stronger gains overnight. Now that China’s 18th National Congress leadership changeover has ended, we could see growth momentum pick-up. However, gains will be capped by excess Chinese coal inventories (sitting around 30 days of supply). Iron ore prices were flat around USD122/t, as China spot steel and rebar futures markets were subdued, but coking coal prices rose USD1.3 to USD158.4/t. There appears to be signs of a mild recovery in the steel market, with Baosteel raising steel prices by ~USD16/t or 2% for Dec.
ANZ Commodity Daily 743 151112
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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