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
Commodities Update Aluminium bears the brunt of US sanctions on Russia Aluminium is the only commodity which has been directly affected by the latest round of sanctions on Russia, but even there we think that the boost to prices will be temporary. Instead, the surge in... 12th April 2018 · 1 min read
Industrial Metals Update Russian sanctions’ boost to aluminium to be short-lived The sanctions on Russian producer, Rusal, are likely to support aluminium prices in the short term. However, Russian output is unlikely to collapse. What’s more, higher prices will encourage... 12th April 2018 · 1 min read
Commodities Update Geopolitical tensions boost prices Commodity prices rebounded at the start of April on the back of concerns over US sanctions on Russia and escalating tensions in the Middle East, despite the dollar being flat. Indeed, only the... 11th April 2018 · 1 min read
Energy Update Oil prices vulnerable to a shift in investor sentiment Near-record non-commercial net-long futures positions in the oil market mean that prices could fall sharply if investor sentiment sours. 10th April 2018 · 1 min read
Commodities Update Tariff bark could be worse than its bite For now, there is optimism that ongoing negotiations between the US and China will prevent a significant escalation in trade tensions. However, there remains a risk of rising protectionism, which... 5th April 2018 · 1 min read
Industrial Metals Update Subdued demand to weigh on copper The price of copper has already fallen back sharply but we think this is more about heightened geopolitical risk than fundamentals. The price may revive in the near term if risks start to fade, but... 3rd April 2018 · 1 min read
Commodities Update Heavy industry unlikely to lift China’s PMI for long China’s unofficial and official manufacturing PMIs diverged again in March. The easing of pollution controls on heavy industry gave a boost to the official index, but slower growth elsewhere weighed... 3rd April 2018 · 1 min read
Precious Metals Update Time to buy gold? The price of gold has benefited from heightened geopolitical risk in recent weeks. While prices are likely to remain well supported in the short term as global trade worries see investors rotate out... 28th March 2018 · 1 min read
Industrial Metals Update China’s imports start the year on a strong note Although China’s imports of most metals rose strongly in the first two months of 2018, other indicators imply weaker domestic demand, which could lead to lower volumes in the coming months. 26th March 2018 · 1 min read
Energy Update Jump in oil prices likely to be temporary Increasing tensions in the Middle East and expectations that OPEC will extend its output cuts have driven oil prices higher recently. However, even if President Trump reimposes sanctions on Iran... 26th March 2018 · 1 min read
Industrial Metals Update Is the DRC’s new mining code a threat to EVs? The Democratic Republic of Congo (DRC)’s decision to hike royalties on cobalt mining represents a threat to the electric vehicle industry and could accelerate the ongoing substitution with cheaper... 23rd March 2018 · 1 min read
Energy Update Will the new Chinese crude contract matter for prices? In our view, the new yuan-denominated crude futures contract should have no long-term impact on oil prices, even if it becomes a major benchmark. At any rate, a history of extreme volatility in China... 23rd March 2018 · 1 min read
Industrial Metals Update Zinc’s rally looks rusty Robust demand and constrained supply have pushed the price of zinc higher over the past year. But fundamentals have deteriorated sharply in recent months and point to substantially lower prices ahead. 22nd March 2018 · 1 min read
Precious Metals Update Gold shrugs off Fed rate hike Somewhat counterintuitively, the price of gold gained 1.4% following the Fed’s decision to hike US interest rates for the sixth time in this tightening cycle. However, we think that the recent rally... 22nd March 2018 · 1 min read
