Commodities Outlook Energy prices to cool, but metals to hold firm for now We expect most commodity prices to fall over the next couple of years as greater supply enters the market. Industrial metals are the exception, China’s policymakers have stepped up stimulus in recent... 4th April 2024 · 33 mins read
Commodities Outlook Metals to benefit in 2024 from green transition We expect most commodity prices to rise in 2024 as major central banks loosen monetary policy and economic activity starts to pick up. Meanwhile, China’s policymakers have taken steps to support the... 15th December 2023 · 31 mins read
Commodities Outlook Looser monetary policy to support prices in 2024 We expect most commodity prices to struggle over the rest of this year as developed economies flirt with recession, the US dollar remains strong and investor risk appetite moderates. That said, we... 26th September 2023 · 28 mins read
Commodities Outlook Energy prices to buck the downbeat trend We expect most commodity prices to struggle this year against a backdrop of a stronger dollar and deteriorating investor risk appetite. Energy-related commodities will be the exception. We expect... 29th June 2023 · 31 mins read
Commodities Outlook The energy crisis is over, but prices to stay elevated We expect most commodity prices to drift lower in the near term as advanced economies enter mild recessions and financial market risk aversion persists. A stronger US dollar will also weigh on prices... 31st March 2023 · 41 mins read
Commodities Outlook The global recession isn’t done with commodities yet Tight financial conditions and China’s biggest COVID outbreak yet mean global economic growth will slow further in the first quarter of next year, dragging most commodity prices lower. The slowdown... 16th December 2022 · 2 mins read
Commodities Outlook Energy prices to remain high Despite the onset of a global recession, we think that energy prices will remain historically high in 2023 owing to severe supply constraints. The next round of EU sanctions on Russia’s oil and... 31st October 2022 · 41 mins read
Commodities Outlook Prices to find a floor While non-energy commodities prices may fall a little further, we think the big move down in those prices is now behind us. Admittedly, the demand outlook has undeniably deteriorated in recent months... 28th July 2022 · 40 mins read
Commodities Overview Prices to stay high for longer The war in Ukraine and its negative impact on commodities supply has prompted us to revise up our forecasts for the prices of most commodities in 2022. Regardless of the outcome of the war, we think... 29th April 2022 · 40 mins read
Commodities Outlook Sky-high commodity prices on borrowed time Supply shortages have directly pushed up the prices of energy commodities and have indirectly raised prices of other commodities by boosting production costs. We think this will remain the case for at... 26th January 2022 · 23 mins read
Commodities Outlook Energy supply squeeze to delay decline in prices Low stocks ahead of winter in the Northern Hemisphere have sent energy prices soaring. In turn, higher energy costs have also constrained the production of other commodities, most notably industrial... 28th October 2021 · 2 mins read
Commodities Outlook Price rallies to give way soon to broad-based declines We think that the widespread rallies in commodity prices from their pandemic-induced lows are now close to, or in some cases already past, their peak. Most notably, we anticipate that Q3 will be as... 29th July 2021 · 2 mins read
Commodities Outlook Investor-led rally running out of road Following a spectacular rebound from pandemic-induced lows, we continue to expect that most commodity prices will be falling again by end-2021. Although growth in demand should be strong as the global... 27th April 2021 · 2 mins read
Commodities Outlook Oil to outperform in 2021 In a reversal of the trend in 2020, we expect oil prices to rise this year and the prices of industrial metals and agriculturals to fall. We suspect that oil demand, particularly in developed... 22nd January 2021 · 23 mins read
Commodities Outlook Recovery to continue, but a bull run is unlikely Commodity prices will continue to benefit from the stimulus-fuelled recovery in China’s economy over the next year. At the same time, a gradual revival in growth in advanced economies should give a... 22nd October 2020 · 23 mins read
Commodities Outlook China to the rescue The ongoing recovery in economic activity – from lows earlier this year – will support the prices of most commodities in the second half of 2020 and into 2021. We are particularly positive on the... 29th July 2020 · 1 min read