Industrial Metals Update Steel prices to recover slowly in 2016 After falling sharply in 2015, we expect US steel prices to recover slowly next year as a result of greater trade protectionism, further global capacity closures and improved demand. 23rd December 2015 · 1 min read
Energy Update Falling US production to support oil prices in 2016 The current weakness in crude oil prices partly reflects still-high production and stocks in the US, despite the collapse in the number of active drilling rigs there. But we expect the supply response... 23rd December 2015 · 1 min read
Precious Metals Update Precious metals supply to tighten as currency boost fades Falls in currencies of major producers have played a key role in cushioning mining companies’ margins in recent years. However, with the prices of most precious metals trading below production costs... 22nd December 2015 · 1 min read
Precious Metals Update Weak industrial demand continues to weigh on US silver trade US imports of semi-manufactured silver remained subdued in September, suggesting that industrial demand is yet to recover. In contrast, investors continued to buy into falling prices, boosting demand... 21st December 2015 · 1 min read
Commodities Update Weak producer currencies to keep prices under pressure Currency fluctuations have been a key factor dragging agricultural prices lower in US dollar terms this year. Dollar strength and weakness in key producer currencies are likely to remain headwinds in... 21st December 2015 · 1 min read
Industrial Metals Update Another strong month for China’s metals imports Continuing the resurgence that started in September, China’s metals imports remained strong in November. We think this reflects higher consumption, encouraged by the fiscal and monetary stimulus... 21st December 2015 · 1 min read
Commodities Update Volatile month for agriculturals Of the eleven agricultural commodities we cover, the prices of six have posted gains since mid-November. However, in a number of cases price movements over the last month have seen some sharp changes... 18th December 2015 · 1 min read
Industrial Metals Update 2016 should mark the turn for rare earth prices After a difficult year, there are signs that rare earth element (REE) prices are starting to stabilise, and some already appear to have passed their trough. We remain optimistic on the outlook for REE... 18th December 2015 · 1 min read
Energy Update What are the implications of US oil export restrictions being lifted? It now seems likely that the US will relax its restrictions on oil exports before the end of the year. However, the impact on prices should be negligible given the US’s continuing need to import oil... 17th December 2015 · 1 min read
Commodities Update Are commodity markets right to shrug off the Fed? The muted responses in commodity markets to the first hike in US interest rates since 2006 are atribute to the clear communications of the Fed and, in our view, largely justified. Looking forward... 17th December 2015 · 1 min read
Commodities Update Sugar prices to recover a little further in 2016 After rising above 15 cents per pound in early December, the price of sugar has slipped back to 14.5 cents more recently. We expect prices to increase slowly through 2016 as a result of lower... 16th December 2015 · 1 min read
Commodities Update Not all doom & gloom for commodities Although the S&P GSCI Commodity Index has fallen to its lowest level since the financial crisis over the past month, it hasn’t been all doom and gloom for commodity prices. Indeed, despite the slide... 15th December 2015 · 1 min read
Commodities Update Why commodity markets (still) shouldn’t fear the Fed We have of course addressed the potential impact of higher US interest rates on global commodity markets before. But with the Fed almost certain to hike tomorrow for the first time since 2006, now is... 15th December 2015 · 1 min read
Industrial Metals Update Investor sentiment towards PMs still fragile The prices of precious metals (PMs) have continued to fall since mid-November. While expectations for a December rate hike by the Fed and a strong dollar have been among the biggest catalysts for... 14th December 2015 · 1 min read
Energy Update Paris agreement another nail in coal’s coffin The agreement in Paris on climate change over the weekend adds further pressure on countries to reduce their carbon emissions. Even though there is likely to be little immediate impact on commodities... 14th December 2015 · 1 min read
Precious Metals Update Shrinking mine supply to bolster silver prices in 2016 After twelve years of increases, we expect mine supply to be broadly flat in 2015 and to decline by 3% in 2016 due to shrinking margins and production cuts across the industrial metals industry. While... 11th December 2015 · 1 min read