Precious Metals Update Q1 2017 World Gold Council Demand Trends Global gold demand fell by 18% y/y in Q1 2017, but this was from a high base a year earlier. In comparison to Q4 2016, demand was stronger as geopolitical concerns prompted investor buying. Subdued... 5th May 2017 · 1 min read
Commodities Update Four reasons why the weakness in oil prices won’t last long The recent weakness in oil prices is largely due to concerns over persistently high US stocks and growing production there. However, the headline US crude stocks number is a little misleading and US... 5th May 2017 · 1 min read
Commodities Update China’s activity slowed in April Both the official and unofficial April manufacturing PMIs for China surprised on the downside. There are now clear signs of cooling domestic demand, which will weigh on commodity demand. That said... 2nd May 2017 · 1 min read
Industrial Metals Update China’s metals imports likely to remain subdued China’s trade data for March depict a relatively weak picture for metals demand. While in some cases imports picked up in the first quarter, we think that optimism about demand rather than strong... 25th April 2017 · 1 min read
Energy Update US natural gas prices to rise despite cooler summer Even with slightly lower-than-expected domestic demand this year, higher exports and lower supply should be enough to put some upward pressure on US natural gas prices. 25th April 2017 · 1 min read
Energy Update Will the shake-up of the Brent oil benchmark affect prices? We expect the change in the method for assessing the Brent global benchmark to have a negligible effect on the price of Brent going forward. Rather, we anticipate fundamental factors such as stronger... 24th April 2017 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (Feb./Mar.) China’s refinery output picked up pace in the first quarter, encouraged by higher prices and optimism about demand. Iron ore and steel production were growing particularly strongly, but prices have... 24th April 2017 · 1 min read
Energy Update How concerned should the oil market be about rising tensions? The increase in political tensions in the Middle East and North Korea had given oil prices a bit of a boost, but this already seems to have faded. Indeed, barring a dramatic escalation of the... 20th April 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Mar.) China’s activity and investment data for March were robust and point to a strengthening of metals demand in the first quarter. However, the prospect of a steadily tightening policy environment over... 19th April 2017 · 1 min read
Commodities Update Geopolitics takes centre stage Investor sentiment towards commodities has remained broadly positive over the last month, despite rising geopolitical tensions. It could be that signs of an improving global economic outlook are... 18th April 2017 · 1 min read
Commodities Update China’s commodity imports grow, but so do stocks Strong growth in China’s commodity imports in March would, at first glance, appear to be supportive of commodity prices. However, the rise in stocks of some commodities suggests that the buying has... 13th April 2017 · 1 min read
Industrial Metals Update Stocks edge lower There was a general drawdown of stocks over the last month, albeit on a relatively small scale. The main exception was inventories of tin, which have fallen by nearly 25% in the last four weeks... 11th April 2017 · 1 min read
Energy Update Is the oil market as oversupplied as US crude stocks imply? Relentless growth in inventories of US crude oil caused prices to slump in March. However, the headline stocks figures are potentially a little misleading and we think that the market is probably... 10th April 2017 · 1 min read
Precious Metals Update Central banks’ gold demand wanes The latest data show only a slight increase in central banks’ holdings of gold in February. We anticipate that this weakness will persist throughout 2017. 7th April 2017 · 1 min read
Commodities Update What does the US strike on Syria mean for commodities? The potential for further escalation of the conflict in Syria has boosted the prices of oil and gold today. But taking a step back, OPEC supply cuts and growth in demand should be the main drivers of... 7th April 2017 · 1 min read
Commodities Update Some wider implications of a rebound in shale activity Demand for tubular steel and distillates in the US is likely to receive a boost from the ongoing revival in oil drilling activity. This will be a factor supporting prices, at least in the US market. 6th April 2017 · 1 min read
