Commodities

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Daily iron ore price update

Here’s your overnight ore complex action: Looks like the bulks got their Chinese data bounce one day early. In other news, I mentioned this yesterday but it’s worth repeating. Marius Kloppers has declared the end of the boom: In the 10 years or so that have passed since China first came to the fore as

10

Cast iron drivel

Business Spectator’s Ben Potter has a fast and loose take on iron ore today: Third quarter production reports have catapulted the big miners higher as they met or exceeded analyst expectations. This, combined with strong offshore leads and an investment community that is fast becoming less bearish on China provide a near perfect storm for

2

Farewell, thermal coal

From ANZ today: Newcastle physical coal prices hit a 3-month low of USD80/t, in line with other Asian coal prices. Chinese demand remains soft and an oversupply situation is apparent in Pacific markets. The NDRC said Chinese utilities have closer to 29 days of supply (contrary to other reports of 20-25 days of supply). Either way, this is negative, with

0

Daily iron ore price update

And so, big news for ore lovers over the weekend. First, here is Friday’s price table: Here is the ore chart: And the Chinese steel chart: No good news there. Indeed, the ore bounce appears to be over, for now anyway. According to Bloomberg, and as we know already, it was driven by speculation that end-user

7

Coking coal undermines iron ore bounce

As we know, iron ore has enjoyed a good bounce from its lows of almost 30%. Its steel partner, coking coal, however, has not. From ANZ today: Newcastle front-month coal futures declined 1.5% to USD85/t, as demand conditions remain soft. Richards Bay could get some traction from Indian buyers as end-users call for negotiations this week for Nov/Dec

13

Daily iron ore price update

Find today’s ore chart below: $120 suddenly looking pretty tough for ore and thermal coal has resumed its decline too. There is a lesson in thermal coal for all of the bulks as China shifts its energy paradigm and big thermal coal production expansions are hitting a fading growth engine. Expect the same for iron

5

Iron ore price rises strongly

The Golden Week may not have been overly kind to China but it did no harm whatsoever to the iron ore price: I’ve noted over the past few days that the futures market was signaling increased confidence in Chinese restocking and now the physical market is following through: As is the steel market in China:

0

Daily iron ore price update

Here is Friday’s iron ore table: Here is the 12m swaps chart with resistance in the $120 region: Again with holiday closures in China not much broader action. According to Reuters, the forwards action is on the back speculative buying: Bids for iron ore forward swaps remained firm on Friday, reflecting investor expectations spot iron

24

A gold riposte

Cross-posted from Bullion Baron. I haven’t seen so much talk about whether Gold is a bubble or since around 12 months ago when Gold peaked at a record high above US$1900. After writing my piece on Gold/Silver (and my expectation they will head into a bubble) nearly 3 weeks ago: Saddle up for bubble phase in

9

Daily iron ore price update

Little to go on yesterday with many markets still in holiday mode but the 12month swap rallied handsomely: The only other data point of significance was Port Hedland shipping volumes for September which showed a sharp drop: It’s looking a bit toppy but not enough to draw any conclusion. I wondering if the RBA has

56

Uranium to India?

From the AFR: Australia is poised to take a significant step towards exporting uranium to India in a landmark move that promises to open up millions of dollars of sales for companies such as Paladin, Toro and Energy Resources of Australia and double national production by 2020. When she visits India in a fortnight, Prime