Commodities Update Iron ore bucks weak China commodity imports Growth in China’s commodity import volumes slowed in July, despite some recent encouraging signs from activity indicators. In some cases, higher domestic output is edging out imports. In others, ample... 8th August 2016 · 1 min read
Industrial Metals Update Has the zinc rally further to go? The price of zinc has surged in recent months, primarily on better prospects for steel demand. But while fundamentals are moving in the right direction and we expect the market to be in deficit this... 8th August 2016 · 1 min read
Precious Metals Update Central banks to remain net buyers of gold Central banks resumed their gold purchases in June, after having turned net sellers in May, with Russia and China once again particularly active. While gold demand from the official sector was... 5th August 2016 · 1 min read
Energy Update Has the rally in coal prices burnt out? Continued falls in demand and lower Chinese imports in the second half of the year should put downward pressure on coal prices, even if small stocks support prices in the near term. 5th August 2016 · 1 min read
Precious Metals Update Weaker currencies continue to sustain supply The prices of precious metals in US dollar terms are back to the level seen at the beginning of 2010, with the exception of platinum, which has fallen sharply during the period. However, production... 4th August 2016 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (May/Jun.) Detailed Chinese industrial production figures for June show that output of most industrial metals increased on the month. While the general rally in metals prices has offered incentives to boost... 3rd August 2016 · 1 min read
Energy Update Oil prices more likely to rise than fall The recent falls in oil prices have raised concerns that the fuel could be entering a new bear market. However, we think that oil prices are more likely to rebound a little by the end of the year than... 2nd August 2016 · 1 min read
Industrial Metals Update Investors turn positive on industrials After dipping in the wake of the UK’s vote to leave the EU (Brexit), the prices of most industrial metals have rallied strongly since. They have shrugged off disappointing economic news out of China... 28th July 2016 · 1 min read
Energy Update Déjà vu for oil prices? The rally in oil prices over the first half of the year, combined with the recent pull-back, has mirrored the movements in prices in the first half of 2015. However, rather than prices continuing to... 27th July 2016 · 1 min read
Industrial Metals Update Off-exchange stocks may plug any gaps LME metal stocks have fallen since the start of the year, while for the most part ShFE stocks have risen. However, summing stocks on all the major exchanges, the big moves have been a 25% drop in... 26th July 2016 · 1 min read
Precious Metals Update Further upside for gold and silver prices We expect a combination of looser monetary policy in the euro-zone, the UK and Japan and building inflationary pressures in the US to boost the prices of gold and silver over the next year or so... 21st July 2016 · 1 min read
Industrial Metals Update Higher prices could dampen China’s metals imports June was another strong month for China’s metals imports. In some cases, volumes dipped, but this may have been a response to rising prices rather than a sign of weaker underlying demand. 21st July 2016 · 1 min read
Commodities Update Commodities benefit from greater risk appetite The metals, both industrial and precious, have been the star performers this month as investor sentiment improved. Meanwhile, the return of supply that had been lost to unanticipated outages weighed... 19th July 2016 · 1 min read
Industrial Metals Update The nickel price rally could lose steam The price of nickel has surged in recent weeks, primarily on concerns about lower supply due to greater regulation of ore mining in the Philippines. However, stocks remain high and demand is subdued... 18th July 2016 · 1 min read
Energy Update Fewer disruptions to oil supplies should limit price gains The return of production from Canada and Nigeria along with a potential increase in output from Libya over the next few months should put some downward pressure on prices. 13th July 2016 · 1 min read
Commodities Update Another strong month for China’s commodity imports China’s commodity import volumes continued to grow strongly in June, despite relatively subdued activity indicators. In some cases, arbitrage opportunities are encouraging Chinese buying but it also... 13th July 2016 · 1 min read