Commodities

1

Daily iron ore price update (restocking)

Iron ore prices for November 11, 2020: Empties are back bigly: The PBOC has started talking stimulus withdrawal, at Bloomie: China’s central bank once again raised the topic of exiting its monetary easing policies, in sharp contrast to the U.S. and Europe, where a resurgence in virus cases has forced governments there to consider more

8

More BTFD gold

This time RBC: For some time we have been calling out not just the 2020 US presidential election itself as a potential source of uncertainty for gold, but rather that potentially volatile aftermath and uncertainty following it could prove a source of volatility and/or upwards price momentum for gold in our view. In fact, in

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Daily iron ore price update (PMI)

Iron ore prices for November 2, 2020: Spot lifted but paper was unchanged. Steel has not updated. The steel PMI improved but is still pretty ordinary: Steel inventories remain huge: Empties are back on track: It looks to me that seasonal weakness is over and restocking has resumed. Expect it to run for another two-quarters

0

Daily iron ore price update (PMI)

Iron ore prices for October 39, 2020: Spot up but paper down overnight. Steel has rallied in recent weeks so some pressure has come off the seasonal destocking. Empties have rebounded strongly now: The Chinese PMI was solid, driven, as usual, by construction: I will have the more granular steel PMI data tomorrow. So, we’re

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Daily iron ore price update (CISA bears)

Iron ore prices for October 22, 2020: Spot down. Paper down. Empty apartment sales have stabilised but that is not enough. They must grow or steel demand will shrink as catch-up growth rolls off: CISA is bearish: That’s only mill inventories. Trader inventories are also immense, combined for easily the highest ever seasonally-adjusted: There should

11

Chinese desperado gobbles up Aussie wool

It likes to pretend it can hurt our commodities but, in the end, the Chinese paper tiger is desperately short of pretty much everything, via Bloomie: Mill shutdowns in China, along with weaker demand for textiles, had “turbo charged” a downturn in the market earlier in the year, Robert Hermann, managing director at adviser Mecardo,