Metals Outlook Metals can’t escape China slowdown Industrial metals prices have risen recently on the back of supply concerns related to higher energy costs and power rationing in China. Both factors will continue to support prices in the near term... 3rd November 2021 · 20 mins read
Energy Outlook Prices to come off the boil in 2022 Following sizzling rallies in the prices of energy commodities in 2021, we expect prices to ease back in 2022 on the back of lower growth in demand and improved supply. Current high prices will... 1st November 2021 · 19 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
Metals Outlook At the start of a downswing in prices Although the prices of industrial metals have picked up again recently, we still expect them to be falling over the next year or so. Underpinning this view are our forecasts for economic growth to... 4th August 2021 · 19 mins read
Energy Outlook Downhill from here After a blistering rally for much of 2021, we expect the prices of energy commodities to be easing back as we move into 2022. Oil supply, particularly from OPEC+, is set to rebound strongly over the... 3rd August 2021 · 19 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
Energy Outlook A recovery in demand to support prices The rebound in global economic activity this year will lead to a strong pick-up in demand for energy commodities. Arguably, this has already happened in the gas and coal markets as industrial activity... 4th May 2021 · 19 mins read
Metals Outlook Industrial metals prices to fall from current highs Although we anticipate a strong global economic recovery in 2021, our forecast of a slowdown in China’s economy means that we still expect industrial metals prices to end the year lower. At the same... 28th April 2021 · 19 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
Metals Outlook 2021 to be a year of two halves Industrial metals prices had a stellar 2020, with prices ending the year higher than where they started. But just as China’s strong economic recovery lifted metals prices in 2020, so will China’s... 28th January 2021 · 19 mins read
Energy Outlook Rebound in prices to continue, except for coal The revival in oil demand and prices should continue to gather pace in 2021 as the lifting of quarantine measures enables the release of ‘pent-up’ demand associated with leisure activity. Meanwhile, a... 25th January 2021 · 19 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
Energy Outlook Prices to rebound in line with the economic recovery Energy demand and prices have continued to recover from their virus-induced lows, but they remain depressed. However, we expect the revival in energy demand to pick up pace in 2021 as developed... 28th October 2020 · 18 mins read
Metals Outlook China-led rally is running out of road Industrial metals prices have been among the biggest beneficiaries of the stimulus-fuelled recovery in China’s economy. But given how far prices have risen already, and that we think demand outside of... 26th October 2020 · 19 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
Metals Outlook Post-GFC-style revival to continue, for now … Despite base metals prices already nearing pre-virus levels, we think that the rally has further to run. The key factor underpinning our positive outlook is the planned policy stimulus in China, much... 31st July 2020 · 19 mins read
