Precious Metals Update More downside ahead for PGMs Supply of platinum group metals (PGMs) is likely to fall in 2018, as reserve depletion in South Africa takes its toll. Nonetheless, we expect prices to decline from current levels as demand is also... 10th May 2018 · 1 min read
Industrial Metals Update Have zinc prices further to fall? After two years of sizeable deficits, there are signs that the tightness in the zinc market is easing, which explains why prices have fallen sharply since the start of the year. We think that prices... 10th May 2018 · 1 min read
Energy Update What to make of the US sanctions on Iran The re-imposition of US sanctions on Iran is unlikely to have a major impact on global oil supply. However, geopolitical tensions have intensified and if Iran decides to pull out of the nuclear deal... 9th May 2018 · 1 min read
Precious Metals Update Silver mine supply to bounce back in 2018 After two years of declines, we expect silver mine supply to pick up in 2018 as higher industrial metals prices encourage by-product output. This is one reason behind our relatively bearish view on... 8th May 2018 · 1 min read
Commodities Update Commodity import volumes come off the boil China’s commodity import volumes held up in April, although the late timing of the Chinese New Year holiday is still having a disruptive effect on the data. We expect growth in import volumes to slow... 8th May 2018 · 1 min read
Precious Metals Update Q1 2018 World Gold Council Demand Trends Global gold demand fell sharply in Q1, primarily owing to lower investment. We expect demand to remain subdued as Fed tightening raises the opportunity cost of holding an asset like gold which bears... 3rd May 2018 · 1 min read
Commodities Update China’s April PMIs point to stability China’s unofficial and official manufacturing PMIs for April painted a relatively stable picture. It seems likely that the return of industrial capacity, after anti-pollution measures closed plants... 2nd May 2018 · 1 min read
Industrial Metals Update China Industrial Metals Demand & Supply Monitor (Q1) China’s industrial activity held up well in the first quarter of 2018, but year-on-year growth in some of the more metal-intensive sectors slowed from the previous quarter. Moreover, we expect the... 26th April 2018 · 1 min read
Energy Update Three reasons why OPEC won’t prolong its cuts The rise in oil prices, fall in crude inventories and surge in non-OPEC production, especially in the US, mean that OPEC is likely to gradually increase output next year rather than extend its cuts. 25th April 2018 · 1 min read
Industrial Metals Update Aluminium price has further to fall The US Treasury’s decision to soften its position on sanctions against Russian aluminium producer, Rusal, has sent the price of aluminium tumbling in the past couple of days. We think that prices will... 25th April 2018 · 1 min read
Industrial Metals Update Tin to tread water Growth in tin demand is expected to slow this year, but remain slightly stronger than the historical trend. However, constrained supply should support prices, which we expect to be relatively flat... 23rd April 2018 · 1 min read
Energy Update New (higher) forecast for oil prices Given the rise in potential risks to supply, stronger-than-expected demand in Q1 and slumping output in Venezuela, we are revising up our end-2018 forecasts for the prices of Brent and WTI. But we... 20th April 2018 · 1 min read
Industrial Metals Update Stocks of most metals edge lower Total exchange stocks of most industrial metals have fallen over the past month, but cancelled warrants have in most cases also declined which points to lacklustre demand. We expect inventories to... 18th April 2018 · 1 min read
Energy Update How worried should we be about rising tensions? At least part of this week’s increase in oil prices is justified by the sudden escalation in tensions in the Middle East and resulting risk to oil supplies, either from sanctions or damage to oil... 13th April 2018 · 1 min read
Precious Metals Update PGMs caught up in panic over Russian sanctions The US sanctions against Russia have supported the prices of platinum and palladium this week. However, Russian output is unlikely to be affected. This, coupled with weakening demand fundamentals... 13th April 2018 · 1 min read
Commodities Update Commodity import volumes held up in Q1 China’s commodity import volumes picked up in March, after the holiday-related slump in February. However, we expect import volumes to ease back in the coming months as activity slows as a result of... 13th April 2018 · 1 min read
