In recent days we seen a number cross-currents in the bulk commodities. On the positive half of the ledger, the spot iron price (white) and 12 month swaps have based (yellow) , as have Chinese steel prices (purple and green). The recovery is quite muted as this point, no doubt reflecting generally weak global economic
Courtesy of ANZ. ANZ Commodity Daily 645 150612
Courtesy of Sober Look. This morning’s EIA natural gas in storage report took everyone by surprise. We started out with this projection. Bloomberg: The U.S. Energy Department’s natural-gas inventory report, scheduled for release at 10:30 a.m. in Washington, will show that supplies rose 2.6 percent last week, according to a survey of Bloomberg users. The government’s
Courtesy of Also Sprach Analyst. Regular readers will know that H&H has been covering the decline in the thermal coal price. One of the factors at play is that as electricity production growth stalls in China, and power plants’ coal inventory remains high, inventory elsewhere is rising in ports and warehouses. No one is buying. China
Courtesy of ANZ. ANZ Commodity Daily 644 140612
Courtesy of ANZ. ANZ Commodity Daily 643 130612
Courtesy of ANZ. ANZ Commodity Daily 642 120612
Find below commodities daily courtesy of ANZ. For extra spice I’ve thrown today’s bulks chart, which shows iron ore and 12 months swaps rolling over (blue and yellow). It will be interesting to see what the PROC versus Fed does to the price. Chinese steel prices have at least stopped falling for now (green and
Find below another interesting note from the ANZ commodities team about a recent trip to China. It has some good texture and decent analysis around short term developments around stimulus, even if it fails to address the now widely accepted conundrum that China faces vis-a-vis the shelf life of its fixed asset investment model. ANZ
Courtesy of ANZ. ANZ Commodity Daily 639 060612
ANZ released an interesting note late yesterday on the prospects for a rebound in the iron ore price in second half. The note is interesting on a couple of fronts. Firstly, there are some mixed messages coming out of the bank about China’s iron ore stockpile. Regular readers will recall a recent video with ANZ
Commodities daily. ANZ Commodity Daily 638 050612 (1)
Courtesy of ANZ. ANZ Commodity Daily 637 040612 (1)
Courtesy of ANZ ANZ Commodity Daily 636 010612
Courtesy of ANZ. ANZ Commodity Daily 635 310512
Courtesy of ANZ. ANZ Commodity Daily 632 280512
the news that China is not building apartments on the moon did not prevent a solid rally in iron ore spot and 12 month futures overnight. Both up almost 2% (white and yellow lines): However, as you can see, nobody actually in the Chinese steel markets seems to have gotten the AFR memo about imminent
Courtesy of ANZ: ANZ Commodity Daily 633 290512
Courtesy of ANZ, check out the fall in thermal coal last week. Terms of trade still under pressure. ANZ Commodity Daily 632 280512
The ANZ commodity team has a note out this morning suggesting that recent defaults by the Chinese in the bulk commodity space is nothing to be worried about. The note contains some interesting detail and is worth a quick read. However, the note also argues that the recent weakness is not some harbinger of doom
Here is today’s Commodity wrap, courtesy of ANZ: ANZ Commodity Daily 631 250512
Courtesy of ANZ: ANZ Commodity Daily 629 230512
Courtesy of ANZ: ANZ Commodity Daily 628 220512
The World Steel Association last night released April crude steel production statistics and news is mixed: World crude steel production for the 62 countries reporting to the World Steel Association (worldsteel) was 128 million tonnes (Mt) in April 2012, an increase of 1.2% compared to April 2011. China’s crude steel production for April 2012 was
Courtesy of ANZ: ANZ Commodity Daily 627 210512
It’s not until the tide goes out that you know who’s been swimming naked, said Warren Buffet famously. Today a video by Reuters of ANZ Bank’s Nicholas Zhu sneaking into Qingdao port to examine enormous stockpiles of iron ore raises the discomforting notion that some large component of Australia’s export boom is shriveling in the
Courtesy of ANZ. Take note of the thermal coal price. ANZ Commodity Daily 626 180512 (1)
Courtesy of ANZ: ANZ Commodity Daily 625 170512
Courtesy of ANZ: ANZ Commodity Daily 624 160512
Courtesy of ANZ: ANZ Commodity Daily 622 140512
