Industrial Metals Update Stocks only tell half the story Stock movements and prices should have an inverse relationship, but this has not beenthe case for many of the base metals over the last month. There are, of course, otherdrivers of the price... 17th April 2015 · 1 min read
Commodities Update Outlook for cocoa prices remains bitter Further falls in European and North American cocoa grindings suggest consumers’ love of chocolate is not as sweet as it once was. Coupled with ample supply, we expect the price of cocoa to fall this... 17th April 2015 · 1 min read
Precious Metals Update Dollar strength alone is a poor reason to dismiss gold A common response to our positive view on gold is that the precious metal is bound to struggle in an environment of dollar strength, especially if this strength is due to increases in US interest... 15th April 2015 · 1 min read
Industrial Metals Update Can the rally in lead prices be sustained? The boost to lead prices from the recent squeeze on stock availability may prove temporary. That said, it has exposed the underlying tightness in the market which should be a key factor supporting... 15th April 2015 · 1 min read
Commodities Update Four and a half reasons not to worry about China’s slowdown The relative weakness of China’s Q1 GDP and March activity data has reinforced concerns about the impact of softer demand on global commodity markets. But in contrast to the consensus, we remain... 15th April 2015 · 1 min read
Commodities Update Weaker dollar provides a breather Commodity prices have generally risen since the middle of March, supported by a slightly weaker dollar. However, concerns about Chinese demand have weighed on the prices of some commodities... 14th April 2015 · 1 min read
Commodities Update China’s commodity import volumes bounce back in March China’s commodity import volumes rose in March, admittedly from a low base in February. However, lower prices appear to be encouraging purchases and we expect volumes to remain higher in Q2. 13th April 2015 · 1 min read
Commodities Update More bad news for grain & soybean prices The USDA’s latest set of estimates suggest that the global glut of grain and soybeans will be evenlarger. With ample supplies and high stocks, we continue to expect the prices of corn, wheat... 10th April 2015 · 1 min read
Energy Update Oil spreads to continue narrowing The spread between the price of Brent and the price of the US benchmark oil, WTI, should continue to narrow over the next few years as the glut of crude which has been built up in the US recedes. 10th April 2015 · 1 min read
Commodities Update USDA Weekly Export Sales (2nd Apr.) The latest US weekly data show a net decline in US soybean export sales as new purchases were offset by a large number of cancelled orders. 9th April 2015 · 1 min read
Commodities Update Agriculturals continue to lag Although agricultural commodity prices have shown a bit of strength in recent weeks, they remain the poor cousin to other commodity groups. Indeed, while the S&P GSCI agriculture index has risen by 2%... 8th April 2015 · 1 min read
Energy Update Iranian oil likely to come back to the market, just not yet The preliminary deal reached between Iran and the Western powers should, eventually, allow Iranian oil exports to return to their previous levels. However, some of the finer details still have to be... 8th April 2015 · 1 min read
Commodities Update Palm oil price to continue falling With ample supply and lower prices of competing vegetable oils, we expect the price of palm oil to fall further this year. 3rd April 2015 · 1 min read
Energy Update No light at the end of the tunnel for coal prices We expect global demand for coal to be subdued and prices to fall further over the next few years as major consumers in China, the US and Europe continue to move away from coal power. 3rd April 2015 · 1 min read
Commodities Update Ample US grain and soybean stocks to push prices lower USDA data on grain and soybean stocks continue to indicate a market brimming with supplies. We remain of the view that corn, wheat and soybean prices will fall further this year. 2nd April 2015 · 1 min read
Energy Update European gas prices heading back down We expect European natural gas prices to fall this year as greater supply and the impact of lower oil prices more than offset higher demand. 1st April 2015 · 1 min read
