Energy Update Surging supply to keep a lid on LNG prices The price of spot LNG in Asia has been in freefall in recent weeks as temporary supply outages have been resolved and demand has cooled. We expect prices to fall further given ongoing expansions to... 27th February 2017 · 1 min read
Industrial Metals Update Investors remain positive, for now Optimism about demand, fuelled by a pick-up in China’s activity data and the prospect of fiscal stimulus in the US, continues to buoy investor sentiment in the industrial metals markets. However... 24th February 2017 · 1 min read
Industrial Metals Update A weak start to the year for China’s metals imports China’s metals imports were broadly weak in January. This is in line with the most recent activity data which show that the Chinese economy, while still holding up well, may have lost some momentum in... 24th February 2017 · 1 min read
Industrial Metals Update Stocks continue to build in China China’s exchange stocks have soared since the start of the year on a combination of optimism about demand and concerns about supply. 16th February 2017 · 1 min read
Precious Metals Update Silver mine supply could bounce back Oversupply has been plaguing the silver market for the past ten years. However, the latest data show that production cuts across the industrial and precious metal industries are starting to take their... 15th February 2017 · 1 min read
Industrial Metals Update Why are we so negative on the outlook for iron ore prices? High prices are spurring iron ore production at a time when we think demand will start to slow. As such, the recent rally in prices appears unsustainable. 15th February 2017 · 1 min read
Commodities Update Investors still in love with commodities The prices of most commodities have risen since the start of the year, boosted by optimism about demand and, in some cases, disrupted supply. A period of weakness in the US dollar has helped, but the... 14th February 2017 · 1 min read
Energy Update Will a slowdown in efficiency gains curtail US shale oil output? Oil price increases following production cuts by OPEC and non-OPEC countries stand to be partially tempered by higher US shale oil output. Improved efficiency in the industry means that oil producers... 14th February 2017 · 1 min read
Industrial Metals Update Uncertain ore supply to support nickel prices Nickel ore supply is likely to fall this year which underpins our forecast of a rise in refined nickel prices. But the scale of any rally will be constrained by high prevailing stocks. 13th February 2017 · 1 min read
Commodities Update China’s commodity imports remain robust China’s commodity import volumes jumped in January, despite a further fall in the renminbi vis-à-vis the US dollar. However, the most recent activity data show that the Chinese economy, while still... 10th February 2017 · 1 min read
Energy Update Will a stronger dollar prevent oil prices from rising further? Strong growth in demand for oil and a reduction in stocks should push prices higher over the rest of this year. However, rising US interest rates and a stronger dollar are likely to act as headwinds... 9th February 2017 · 1 min read
Precious Metals Update 2016 World Gold Council Demand Trends Global gold demand rose 2% y/y in 2016 to reach a three-year high of 4,309 tonnes. This increase was predominantly the result of strong safe-haven demand in the first half of the year. In 2017, we... 8th February 2017 · 1 min read
Energy Update US foreign policy is a major upside risk for oil prices Donald Trump’s foreign policy, especially regarding the Middle East, is likely to have a bigger impact on oil prices in the near term than changes to domestic energy policies. 6th February 2017 · 1 min read
Precious Metals Update China and India’s gold demand to remain subdued in 2017 Demand for gold in the two main consumers – China and India – plummeted in 2016 on a combination of higher prices, increased regulation in India and lower appetite for gold jewellery in China. Looking... 3rd February 2017 · 1 min read
Industrial Metals Update Stocks were on the move in January There have been some large moves in stocks, notably in Shanghai, over the last month. Stockbuilding was evident in China which may have been a symptom of weak demand, but we think it is more likely to... 2nd February 2017 · 1 min read
Commodities Update Optimism prevails, for now For the most part, commodity prices have started the year strongly, buoyed by persistent optimism about demand and some weakness in the US dollar. However, we are concerned that, in some cases, prices... 26th January 2017 · 1 min read
