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March 21, 2010 Dear Friend, Global demand comparisons are very easy compared to one year ago. January 2010 global copper apparent demand rose 9.8% from a year ago, global nickel demand rose 26.3%, lead rose 29.2% in January and zinc rose 34.3% according to WBMS. Chinese apparent demand rose 22.6% for cu, 62.4% for ni, 80.4% for pb and 69.1% for zn, while the rest of the world ROSE 3.0% for cu, 11.9% for ni, rose 5.2% for lead and rose 16.0% for zinc.
Five of six nonferrous inventories rose on exchanges last week, with nickel the sole decliner in its sixth straight drop. Three of six four-week moving averages signal stock declines in nickel, zinc and tin. Price changes were few.
Chinese traders continue to sell back to markets. Shanghai copper inventories rose 13,632 to 169,101 tonnes, aluminum rose by 6,779 to 394,328 tonnes and zinc was unchanged at 223,433 tonnes, These all are at multiyear highs.
We expect the World
Steel Assn. and International Aluminum Institute to
report global output gains of 20% and 10%, respectively,
tomorrow.
The attached report provides
several pages of discussion on each major commodity market. Our
March 24-25th Conference agenda is attached.
All webcasts are open,
and can be accessed from the "conferences" tab at
www.veryindependentresearch.com
.
Faithfully,
John C. Tumazos
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Copyright © 2008 John Tumazos Very Independent Research,
LLC
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