Energy Update US natural gas prices unlikely to rise much further Stronger supply and weaker demand from utilities over the next few months, assuming normal weather, should help keep the price of US natural gas steady until the end of the year. 30th September 2016 · 1 min read
Industrial Metals Update Resilient Chinese economy supports prices Industrial metals prices have profited in the last month from relatively upbeat economic data out of China as well as the Fed’s decision not to raise interest rates just yet. We expect China’s economy... 29th September 2016 · 1 min read
Industrial Metals Update What do higher coking coal prices mean for iron ore? The recent doubling of coking coal prices has been cited as good news for the price of iron ore. However, we think quite the contrary. A supply shock has underpinned the rally in coking coal prices... 26th September 2016 · 1 min read
Industrial Metals Update China’s metals imports remained subdued in August August was another weak month for China’s metals imports. In some cases, lower supply and higher prices have weighed on import volumes. However, relatively soft underlying demand could have also... 22nd September 2016 · 1 min read
Energy Update What to make of promises of more output from Libya and Nigeria Planned increases in output from Libya and Nigeria makes it even less likely that major oil producers will agree an output freeze next week in Algeria. But the output gains will have to be sustained... 22nd September 2016 · 1 min read
Commodities Update Dollar strength weighs on sentiment A stronger dollar, a reduction in risk appetite and a scaling back of expectations that oil producers will actually limit output made it a tough month for most commodities. However, the price of gold... 20th September 2016 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (Jul./Aug.) Detailed Chinese industrial production figures for August paint a mixed picture of refining activity. While refined copper production was growing strongly, there were sharp downturns in tin and nickel... 20th September 2016 · 1 min read
Energy Update Spare oil production capacity ample for now We think that concerns about the lack of spare capacity in the oil market are overdone as supply is already ample and stocks are high. However, as the market tightens over the next few years, low... 15th September 2016 · 1 min read
Industrial Metals Update Rising stocks weigh on copper prices The ongoing surge in LME copper stocks was the key development last month and contributed to renewed bearish sentiment towards the metal. In contrast, stocks of all the other metals have fallen over... 15th September 2016 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Aug.) Metals prices received a boost today as August activity data out of China surprised on the upside. There is now clear evidence that the monetary and fiscal stimulus enacted earlier in the year is... 13th September 2016 · 1 min read
Precious Metals Update Why are central banks giving a cold shoulder to gold in 2016? Since 2010 central banks have become major buyers of gold, accounting on average for about 10% of total gold demand over the past five years. However, demand from the official sector has been... 12th September 2016 · 1 min read
Commodities Update China’s commodity imports bounced back in August After a slowdown in July, growth in China’s commodity import volumes rebounded in August. This was perhaps to be expected as July activity indicators were encouraging and the unofficial manufacturing... 8th September 2016 · 1 min read
Precious Metals Update Any weakness in silver prices to be short-lived The silver price has surged this year, together with gold, bolstered by investor demand especially in the wake of the UK Brexit vote. Although prices might give up some of their recent gains when Fed... 7th September 2016 · 1 min read
Energy Update What to make of Russia and Saudi Arabia’s statement on oil The statement by Russia and Saudi Arabia earlier today that the two countries have agreed to work together to try to stabilise the oil market did very little to justify the almost 6% surge in oil... 5th September 2016 · 1 min read
Energy Update Taking stock of the EIA’s oil inventories report The gyrations in oil prices in response to the EIA’s weekly petroleum status report are rarely justified, since the biggest determinant of weekly changes in US stocks is variations in net crude... 2nd September 2016 · 1 min read
Industrial Metals Update Investor sentiment sours The prices of most metals fell last month, undermined by some strengthening of the US dollar as a result of renewed expectations that the Fed will raise interest rates sooner rather than later. The... 1st September 2016 · 1 min read
