Commodity Intelligence · Or “Commodity-Alice in Wonderland!” ... 2015 Jan '017551 Mar...

Commodity Intelligence Rally? Or New Bull?

Apr 2016

more?

Going Japanese.

Dependency ratio rising inexorably.

2

China Fret.

China suffers too!

3

6 Chinese Mega-cities

A strong currency forces

These 6 mega cities

Up the value chain.

4

Panama, Zuma and Rousseff.

Emerging bear closed?

5

Gold~Loves being lonely.

~Shines brightest when the economy is ‘broken’

Gold Equity~Is cheap on its history.

~Undeveloped deposits have the advantage of cheap capex now.

6

Credit Recovers..after scaring us!

7

Oil does the easy $10.

8

Saudi Discounts close on Doha.

9

Check out US tertiary demand!

10

Fracklog activates between $40 and $50?

11

Oil Cost Curve Through Time

12

The Shale starts to scare people.

13

LNG Price in Tokyo still making new lows.

14

EU Natural Gas Price crashes.

15

Renewables eat fossil fuel demand growth

16

Supergrids on the Agenda?

17

Renewables: cost.

18

Copper Intrigues.

19

Copper Intrigues

20

Copper Intrigues.

Chile.

21

Tailings Dams.

22

There is a bull case.~Supply has peaked across the board, with some exceptions.

~Demand is still rising gently.

~Emerging MAY be on the turn.

The newsflow has definitely improved in the sector.

But really it’s “Gold, Google and Good Luck!”

Or “Commodity-Alice in Wonderland!”23