Commodities Update Malaysia Monthly Palm Oil Data (Dec.) Data released earlier today by Malaysia’s Palm Oil Board show that palm oil inventories declined in December for the first time since the middle of last year as production fell sharply again. 11th January 2016 · 1 min read
Precious Metals Update Three reasons to be positive on silver in 2016 Silver’s prospects will remain closely tied to those of gold in 2016. While Fed tightening and renewed dollar strength should continue to weigh on the prices of gold and silver over the next year or... 8th January 2016 · 1 min read
Industrial Metals Update Iron ore prices to stabilise in 2016 After falling below US$40 per tonne late last year, iron ore prices have edged higher more recently. Although we expect global demand to grow only moderately this year, we forecast that prices will be... 8th January 2016 · 1 min read
Industrial Metals Update How will oil price developments affect copper? The recent slide in the oil price is weighing on the price of copper, in part because it is a reflection of negative investor sentiment towards commodities in general and China’s economy in particular... 8th January 2016 · 1 min read
Commodities Update More weakness for soybean prices likely in 2016 Record global harvests and stock levels, further depreciation in the currencies of key producers and subdued Chinese demand all look likely to drag the global price of soybeans lower this year. 8th January 2016 · 1 min read
Commodities Update 2015 laggards end year on a high December was a month of mixed fortunes for agricultural commodities in an otherwise pretty forgettable year. Indeed, the S&P GSCI agriculture index plunged 12% y/y in 2015 – the third consecutive... 7th January 2016 · 1 min read
Energy Update A decade of two halves for oil prices We continue to expect the price of Brent, currently around $33 per barrel, to recover to $60 in 2017 and $70 by 2020. Nonetheless, with OPEC in disarray and China uncertainty persisting, we are... 7th January 2016 · 1 min read
Industrial Metals Update Constrained supply may not be a panacea for alumina prices Malaysia has imposed a 3-month ban on bauxite mining and with further measures likely to follow, alumina supply could struggle in 2016. That said, demand will also be constrained by slower growth in... 7th January 2016 · 1 min read
Precious Metals Update Gold price to rally in 2016 despite US headwinds We expect further Fed tightening and renewed dollar strength to continue to weigh on the price of gold over the next year or so. Nonetheless, we still see scope for a partial recovery driven by a... 5th January 2016 · 1 min read
Energy Update Saudi-Iran tensions unlikely to provide lasting boost to oil prices The latest flare-up in tensions between Saudi Arabia and Iran is one of two main factors undermining global equities today, although we believe it has been much less important for financial markets... 4th January 2016 · 1 min read
Commodities Update Bad news from China kicks off an unhappy New Year Worries over China’s economy still look overdone to us, but today’s headlines are clearly unhelpful for sentiment towards industrial metals. More positively, the prices of crude oil and gold appear to... 4th January 2016 · 1 min read
Commodities Update Our six key themes for commodity markets in 2016 2015 has of course been a difficult year for those, ourselves included, who have had anything positive to say about commodities. We will publish detailed predictions for 2016 early in January after a... 23rd December 2015 · 1 min read
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
