Industrial Metals Update Global steel demand to struggle again this year Global growth in apparent steel usage was just 0.6% in 2014 and was concentrated in the advanced economies. Consumption in China and a number of other key emerging markets fell. As we expect China’s... 8th June 2015 · 1 min read
Commodities Update China’s import volumes slip in May China’s commodity import volumes slipped in May but we think this was a temporary dip related to the surge in prices early in the month. We continue to expect industrial metal import demand to rebound... 8th June 2015 · 1 min read
Precious Metals Update Gold price to benefit from further central bank buying We expect official purchases to be one of several factors that boost gold prices in the next year or two, despite the prospect of tighter US monetary policy and renewed strength in the dollar against... 8th June 2015 · 1 min read
Precious Metals Update Can gold buck the trends of rising yields and dollar strength? In the short term it is often hard for the price of gold to decouple from movements in US bond and currency markets – as the initially negative reaction to today’s strong US payrolls report has once... 5th June 2015 · 1 min read
Energy Update OPEC ensures oil supplies to remain ample It was no great surprise that OPEC left its output target unchanged today. Oil prices even ticked up a little on the news as late speculation of an increase in the target proved unfounded. Nonetheless... 5th June 2015 · 1 min read
Commodities Update Investors become more bearish on agriculturals Over the past month investor sentiment towards agricultural commodities has continued to deteriorate. After turning negative in April, the total number of net-long non-commercial positions for eight... 5th June 2015 · 1 min read
Precious Metals Update Strong US auto sales to boost PGMs demand We believe the prices of platinum group metals (PGMs) will benefit from increased autocatalyst demand. However, palladium is likely to outperform platinum due to the limited penetration of diesel cars... 4th June 2015 · 1 min read
Industrial Metals Update Why we are positive on copper prices Copper demand is set to pick up strongly later in the year as US economic activity rebounds and policy loosening in China lifts demand there. Meanwhile, subdued mine supply growth will curb refined... 4th June 2015 · 1 min read
Energy Update How helpful are the US weekly oil production data? US weekly production figures have been distorted in the last two weeks by pipeline shutdowns and statistical revisions, but they can still offer some insight into trends in US oil production. 2nd June 2015 · 1 min read
Commodities Update Anaemic Chinese import growth weighs on prices China’s trade data for April go some way to explaining the generally weak tone of agricultural commodities prices. For the most part, import volumes were lower in year-on-year terms, in some cases... 29th May 2015 · 1 min read
Precious Metals Update End of bull market in Chinese equities would help gold The lure of a soaring stock market has surely dampened Chinese investors’ demand for gold. Correspondingly, even though we are not predicting an imminent crash, the precious metal should benefit when... 29th May 2015 · 1 min read
Energy Update Environmental concerns to drag down coal but boost gas prices Environmental issues are becoming increasingly important drivers of demand for, and supply of, all types of energy commodities. We continue to expect demand for coal to be most negatively impacted... 28th May 2015 · 1 min read
Industrial Metals Update The devil is in the detail of Chinese trade China’s detailed trade data for April paint a broadly positive picture of industrial metals demand. Meanwhile, the export surge associated with the Qingdao port scandal, as stocks were moved into more... 26th May 2015 · 1 min read
Precious Metals Update Platinum and palladium markets to remain tight We believe that platinum and palladium markets will be significantly tighter than the consensus currently anticipates in 2015. This should lead to further price rises in the second half of the year. 21st May 2015 · 1 min read
Commodities Update China & Euro-zone Flash PMIs (May) China’s flash PMI remains subdued but the index rose for the first time since February, suggesting that recent policy stimulus could be starting to have an effect. Meanwhile, the uptick in the euro... 21st May 2015 · 1 min read
Industrial Metals Update Production cuts to spur aluminium price gains Aluminium demand is strong and stocks are falling, but overproduction continues to constrain prices. However, the ongoing fall in price premiums is hurting the profitability of both producers and... 20th May 2015 · 1 min read
