Precious Metals Update How strong is the $1,200 floor for gold? The gold price has closed below $1,200 per ounce, having been above that level the day before, on 15 occasions since January 2011. However, it has never remained below $1,200 for longer than 15 days... 6th May 2015 · 1 min read
Commodities Update Investor sentiment diverging, but for how long? Over the past month the S&P GSCI agriculture index has continued to fall, weighed down by large declines in the prices of corn and wheat due to improving supply prospects. As a result, the index... 6th May 2015 · 1 min read
Commodities Update Agricultural prices facing more US dollar headwinds The appreciation of the US dollar since the middle of last year has been a contributing factor in the general decline in agricultural commodity prices. In this Agricultural Commodities Watch we look... 1st May 2015 · 1 min read
Industrial Metals Update Nickel’s rollercoaster ride may not be over, yet After sliding to six-year lows earlier in the month, nickel prices have rebounded sharply in the last week to around $13,500 per tonne. Although we are positive on the medium-term outlook, the latest... 30th April 2015 · 1 min read
Energy Update Non-OPEC & non-US oil production holding up, for now Oil production outside the US and OPEC has been barely affected by the dramatic slump in prices over the last year. However, the effects of lower oil prices are likely to make themselves felt... 30th April 2015 · 1 min read
Commodities Update El Niño set to arrive, but with limited impact An El Niño weather event is looking more likely this year, albeit current expectations are that it will be weak. The risk to supply disruptions and the potential for higher prices should be minimal. 29th April 2015 · 1 min read
Energy Update US rig count continues to drop Another large fall in the US active rig count last week has disappointed those who had hoped it was stabilising. But they probably won’t have to wait too much longer to see a floor. 28th April 2015 · 1 min read
Industrial Metals Update Rally in iron ore prices to prove temporary The recent rally in iron ore prices is reflecting short-term market dynamics, including an upturn in Chinese steel production and somewhat lower stocks. But the bigger picture is that the market... 27th April 2015 · 1 min read
Commodities Update High stocks will overshadow lower cotton production Expectations of lower cotton production for this coming year have underpinned a rise in prices. However, with a glut of stocks, we still think the price will end the year lower. 24th April 2015 · 1 min read
Industrial Metals Update US steel prices should pick up Having fallen sharply since late-2014, we expect US steel prices to stabilise and pick up over the course of this year owing to resilient domestic demand. That said, our forecast also assumes that the... 24th April 2015 · 1 min read
Commodities Update Asia Cocoa Grindings (Q1 2015) Data on Asia’s Q1 cocoa grindings showed a 9.3% y/y decline, the third consecutive y/y fall. This follows declines announced last week in Europe and North America. 24th April 2015 · 1 min read
Commodities Update China & Euro-zone Flash PMIs (Apr.) The continued deterioration in China’s manufacturing sector signalled by early business surveys for April is disappointing, but the prices of key industrial metals have already factored in a lot of... 23rd April 2015 · 1 min read
Commodities Update Weather conditions start to take centre stage With eyes now starting to focus on the new crops in the Northern Hemisphere, changes in weather conditions have underpinned fluctuations in many agricultural commodity prices in recent weeks. In... 23rd April 2015 · 1 min read
Precious Metals Update Light at the end of the tunnel for platinum prices The latest data show a surge in China’s platinum imports in March, suggesting that historically low prices are finally stimulating buying interest. We think higher Chinese import volumes can be... 23rd April 2015 · 1 min read
Precious Metals Update Why isn’t gold doing better despite “Grexit” risks? The price of gold has dipped below $1,200 per ounce again today, prompting some to ask whether a further escalation of the crisis in Greece would provide much support to the precious metal after all... 20th April 2015 · 1 min read
Energy Update Oil prices still face many headwinds The rebound in the last few weeks has lifted oil prices above our current end-2015 projections for Brent and WTI, but we are in no rush to change them. Some major headwinds both on the supply and... 20th April 2015 · 1 min read
