Commodities Update Mounting upside risks for cocoa prices The surge in the price of cocoa this week has come as a number of large risks hang over the supply outlook. But if these risks fail to materialise, we expect prices to fall back over the coming months... 20th November 2020 · 2 mins read
Energy Update Emerging Asia oil demand to lag behind China The recovery in oil demand across Emerging Asia has been highly uneven. Oil consumption in China is already back to pre-virus levels, and we think it will rise further in the year ahead. But... 19th November 2020 · 3 mins read
Industrial Metals Update China metals demand to taper off in 2021 Ongoing policy stimulus in China should continue to boost investment and industrial output in the coming months. However, we expect economic activity to gradually slow by end-2021 which is why we... 18th November 2020 · 3 mins read
Commodities Update Natural rubber price to hold up … for now Strong demand from China together with constrained production should support the price of natural rubber through the first half of next year. That said, we think that prices will start to fall back by... 12th November 2020 · 3 mins read
Precious Metals Update Gold prices to hold up despite possible vaccine While the positive developments in finding an effective vaccine against COVID-19 have boosted investor risk appetite, we still think that gold prices will remain high in the year ahead. 11th November 2020 · 2 mins read
Commodities Update An effective vaccine will be a game-changer Reports of an imminent, and highly effective, vaccine against COVID-19 point to generally stronger commodities demand. Once there is more certainty on the vaccine, we will review our price forecasts. 11th November 2020 · 2 mins read
Energy Update Vaccine would aid oil price recovery, but risks remain News of a vaccine sent oil prices surging on Monday on the back of expectations that this will enable demand to recover more quickly than previously thought. But higher prices also increase the... 11th November 2020 · 3 mins read
Commodities Update China’s commodity imports may be normalising China’s commodity import volumes remained high in October, although they eased back from September levels. We expect import volumes to remain solid in the coming months given the strength in economic... 9th November 2020 · 2 mins read
Energy Update Fresh lockdowns to weigh on European oil demand New national lockdowns in Europe have led us to revise down our oil demand forecasts for Q4. But the decline is likely to be much smaller than in Q2, not least because the economic hit will be less... 6th November 2020 · 2 mins read
Industrial Metals Update Political gridlock will rein in any Green New Deal The apparent failure of the Democratic Party to win a ‘clean sweep’ in this week’s US election means that many of the policy initiatives and spending proposals made by presidential hopeful, Joe Biden... 6th November 2020 · 3 mins read
Energy Update Political gridlock will rein in any Green New Deal The apparent failure of the Democratic Party to win a ‘clean sweep’ in this week’s US election means that many of the policy initiatives and spending proposals made by presidential hopeful, Joe Biden... 6th November 2020 · 3 mins read
Commodities Update Political gridlock will rein in any Green New Deal The apparent failure of the Democratic Party to win a ‘clean sweep’ in this week’s US election means that many of the policy initiatives and spending proposals made by presidential hopeful, Joe Biden... 6th November 2020 · 3 mins read
Energy Update No light at the end of the tunnel for thermal coal Despite a small revival in thermal coal prices ahead of winter in the Northern Hemisphere, we doubt it will be long before they start to test historic lows again. And if, as we expect, the COVID-19... 5th November 2020 · 4 mins read
Industrial Metals Update Strong Asian electronics exports to support prices The recent strength in Asian exports reflects sustained growth in global electronics demand, which has been a factor underpinning the recent rally in industrial metals prices. We expect electronics... 4th November 2020 · 2 mins read
Industrial Metals Update Weighing up the relative prospects for energy & metals We think that energy commodities will claw back a bit of the ground that they have lost relative to industrial metals over the next two years or so, as some cyclical factors linked to COVID-19 which... 3rd November 2020 · 4 mins read
Energy Update Weighing up the relative prospects for energy & metals We think that energy commodities will claw back a bit of the ground that they have lost relative to industrial metals over the next two years or so, as some cyclical factors linked to COVID-19 which... 3rd November 2020 · 4 mins read