Energy Update Coal prices are at the mercy of Chinese policymakers We think that the recent surge in coal prices is unsustainable and expect them to fall back as production rebounds, both inside and outside China, and demand remains weak. However, the extent of any... 8th November 2016 · 1 min read
Commodities Update China’s commodity imports dip in October China’s commodity import volumes declined last month, despite signs of a pick-up in activity data. We think this reflected disruptions caused by the week-long holiday, higher commodity prices and some... 8th November 2016 · 1 min read
Precious Metals Update Central banks continue to add gold to their reserves The latest data show that central banks increased their gold reserves in September. However, year-to-date purchases remain substantially lower than in 2015 as temporary factors, like Venezuela selling... 3rd November 2016 · 1 min read
Commodities Update What would a Trump win mean for commodities? The initial uncertainty that would follow the election of Donald Trump as US President would surely undermine the prices of assets that are perceived to be riskier, including industrial commodities as... 2nd November 2016 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Sep.) Although the broad measure of China’s industrial production eased back in September, metals-intensive sectors continued to do well. However, we would caution that the recent rallies in the prices of... 27th October 2016 · 1 min read
Energy Update Renewed drive for energy efficiency to cap oil demand and prices The fall in oil prices over the last two years may explain why the efficiency of oil use is growing more slowly than before 2014, especially in non-OECD economies. However, government regulation and a... 26th October 2016 · 1 min read
Industrial Metals Update Another weak month for China’s metals imports China’s metals imports remained weak in September as higher prices, supply constraints and stronger domestic output weighed on volumes. 25th October 2016 · 1 min read
Industrial Metals Update A bright future for cobalt prices We have been positive on the outlook for cobalt prices for some time now but, if anything, prospects are continuing to improve. Ongoing concerns over artisanal mining in the DRC and strong demand from... 25th October 2016 · 1 min read
Industrial Metals Update Fed drives a wedge between metals prices The performance of industrial and precious metals prices has diverged in the last month. Industrial metals have benefited from more positive economic data out of China while precious metals have... 20th October 2016 · 1 min read
Commodities Update Industrials looking vulnerable to a turn in sentiment Commodity prices have generally risen in the last month, despite a further appreciation of the US dollar. That said, the likelihood of a US interest rate hike before end-2016 weighed on precious... 19th October 2016 · 1 min read
Industrial Metals Update Recent fall in stocks suggests metals markets are tightening Exchange stocks of metals have fallen across the board over the past month. In most cases, dwindling mine supply, rather than strong demand, was responsible for the decline. While there might well be... 13th October 2016 · 1 min read
Commodities Update China’s September commodity imports hold up rather well A renewed contraction in China’s import bill grabbed the headlines this morning, but China’s commodity import volumes were actually surprisingly strong last month. 13th October 2016 · 1 min read
Energy Update What might the US election mean for energy commodities? The initial uncertainty created by what would now be a shock win for Donald Trump in November’s US presidential election would surely be negative for the prices of industrial commodities, including... 12th October 2016 · 1 min read
Industrial Metals Update Nickel prices on increasingly shaky ground The price of nickel has had a good run, but ultimately stocks are high, demand is unexciting albeit solid and supply prospects may improve. As such, we suspect that prices will struggle in the near... 10th October 2016 · 1 min read
Precious Metals Update Central banks resume gold buying in August The latest data suggest that gold buying from the official sector recovered somewhat in August but overall demand in the year to date remains subdued. That said, we think that the case for gold as a... 7th October 2016 · 1 min read
Precious Metals Update Is China’s appetite for gold faltering? The slump in China’s imports of gold in August has raised concerns about the country’s appetite for the yellow metal. However, the bigger picture is one of relatively robust demand so far this year... 30th September 2016 · 1 min read
