Industrial Metals Update Cobalt supply unlikely to keep pace with demand Demand for cobalt looks set to grow rapidly for the foreseeable future given its use in rechargeable batteries. But the supply outlook is deteriorating, suggesting scope for prices to rally strongly. 10th November 2015 · 1 min read
Energy Update What do China’s statistical revisions mean for coal prices? Whilst the latest revisions to China’s coal demand statistics raise more questions about the reliability of official data, we don’t think they change the big picture of falling coal demand and weaker... 10th November 2015 · 1 min read
Energy Update What does the Keystone XL veto mean for oil prices? The recently-vetoed Keystone XL pipeline would have provided a relatively cheap means for Canadian producers to transport oil to refineries in the US where it could be processed for sale. As such, the... 9th November 2015 · 1 min read
Commodities Update China’s trade data provide some grounds for optimism While the headlines have focused on the falls in export and import values, China’s trade data actually show commodity import volumes holding up well. What’s more, the record trade surplus will support... 9th November 2015 · 1 min read
Precious Metals Update Hit to gold and silver prices from Fed hike to be short-lived In the wake of the strong US employment report we are reinstating the dips in gold and silver priceswe had previously forecast for the end of Q3. Nonetheless, we continue to expect both metals... 6th November 2015 · 1 min read
Precious Metals Update Is the renewed interest in bitcoin a serious threat to gold? The recent weakness in the price of gold has coincided with a surge in the price of bitcoin, prompting a few to suggest that the electronic currency is again challenging the precious metal as a... 6th November 2015 · 1 min read
Commodities Update Rising incomes remain key to China’s future food demand The end of China’s one-child policy raises a number of questions about future demand for agricultural commodities. However, we think that economic growth and rising incomes will remain the key... 6th November 2015 · 1 min read
Precious Metals Update Global central banks continue to add gold to their reserves Global central banks increased their gold reserves in September, with China and Russia once again particularly active. We expect further official purchases to continue to be one of several factors... 6th November 2015 · 1 min read
Precious Metals Update Will Lonmin’s call for cash impact PGM prices? Under pressure from labour unrest, rising costs and weak platinum prices, Lonmin said this week that it will cease trading if its plan to raise capital in a rights issue of new shares is unsuccessful... 5th November 2015 · 1 min read
Commodities Update Sentiment improves as investors cut short positions As changing weather forecasts in key growing regions shape markets’ expectations for production, some sharp price increases in October saw investors rush to reduce their short futures positions. By... 4th November 2015 · 1 min read
Industrial Metals Update Aluminium prices weaken as output remains strong Aluminium prices have continued their rapid decline, reaching a six-year low. Production has still not responded to lower prices though, and Chinese output is growing particularly strongly. Therefore... 2nd November 2015 · 1 min read
Commodities Update What does the latest news from China mean for commodities? Recent positive developments in China – including signs of recovery in the equity market and in themanufacturing sector, renewed stability in the renminbi, and additional policy stimulus – support... 2nd November 2015 · 1 min read
Commodities Update El Niño to keep rice prices on the boil With El Niño threatening to reduce rice harvests in South-east Asia and the world stocks-to-consumption ratio expected to hit the lowest level since 2006, we think rice prices will move higher. 30th October 2015 · 1 min read
Commodities Update How could a La Niña next year affect agriculturals? With the Australian Bureau of Meteorology indicating that the current El Niño could see a marked decline during the first quarter of next year, there is a significant risk that La Niña could develop... 30th October 2015 · 1 min read
Energy Update US gas market vulnerable to a correction if cold weather hits High stocks and forecasts of a mild winter have driven down US natural gas prices recently, but given slowing production growth, rising demand and the unpredictability of the weather, we think that... 30th October 2015 · 1 min read
Industrial Metals Update Falling mine supply to boost zinc prices in 2016 Scheduled closure of some large depleted mines coupled with producer cutbacks in response to low prevailing prices will lead to a relative shortage of zinc concentrates and will curb the recent... 29th October 2015 · 1 min read