Commodities Update Brazil Sugar Production (1st Oct. - 16th Oct.) Data released today by Brazil’s Sugarcane Industry Association, UNICA, showed that the volume of cane harvested in Brazil’s main South-Central region fell to 36.1 million tonnes, from 40.5 million in... 23rd October 2015 · 1 min read
Industrial Metals Update Iron ore prices to fall further on strong supply The ongoing ramp up in supply and ever-lower cash costs at the major producers suggest that the iron ore market will remain well supplied. With subdued steel demand and output, we expect prices to... 23rd October 2015 · 1 min read
Commodities Update Asia Cocoa Grindings (Q3) Data on Asia’s cocoa grindings revealed a 1.6% y/y decline in Q3, the fifth consecutive y/y fall. This follows data released last week which showed a decrease in overall European and North American... 23rd October 2015 · 1 min read
Precious Metals Update Silver price to benefit from industrial metals output cuts Production cuts in the copper and zinc industries will also translate into lower silver supply over the next few years. We expect silver output to be broadly flat in 2015 and to fall by 3% in 2016... 23rd October 2015 · 1 min read
Commodities Update Weaker dollar helps to lift prices The US Federal Reserve’s decision not to raise interest rates in September has seen the dollar weaken recently. As a result, the strengthening of a number of currencies against the greenback... 22nd October 2015 · 1 min read
Industrial Metals Update Across-the-board strength in China’s metals imports The latest data on China’s metals imports suggest that recent fiscal and monetary stimulus, particularly infrastructure spending, are starting to feed through to stronger commodity demand. 21st October 2015 · 1 min read
Commodities Update China’s agricultural import growth may be close to peaking The detailed Chinese import data, released earlier today, show that in y/y terms, demand remains strong. But given the surge in imports of a number of commodities recently, rapid growth may not be... 21st October 2015 · 1 min read
Precious Metals Update China’s PGMs import data show some areas of strength The latest data on China’s imports of platinum group metals (PGMs) are consistent with early signs of stronger vehicle production. However, platinum jewellery demand appears to have moderated. 21st October 2015 · 1 min read
Energy Update OPEC “technical meeting” unlikely to change policy The most likely outcome from tomorrow’s meeting of OPEC plus some selected guests is pledges to share more information between OPEC and other oil producers. Venezuela’s and others’ calls for a cut in... 20th October 2015 · 1 min read
Commodities Update Price of cocoa to grind lower The price of cocoa has remained high due to supply concerns. However, with demand likely to continue to be weak, we think that the price will fall over the remainder of the year. 16th October 2015 · 1 min read
Precious Metals Update What are local premiums telling us about gold demand? Negative gold premiums, the difference between local prices and international benchmarks, in India have prompted fears of a slowdown in consumption from one of the largest market players. While a weak... 16th October 2015 · 1 min read
Commodities Update Commodities fight back Commodity prices have rebounded since the middle of September as fears about the Chinese economy have diminished. Many industrial commodities were also supported by talk of supply cuts, while precious... 15th October 2015 · 1 min read
Industrial Metals Update Steel prices to recover, but not until next year A combination of weak Chinese demand, destocking in North America and poor economic conditions in Brazil and the CIS is weighing on steel demand this year. At the same time, global output has been... 14th October 2015 · 1 min read
Energy Update Long-term outlook for US natural gas prices still bright We remain positive on the outlook for US natural gas prices over the next few years, despite the current weakness, as the cleaner fuel should continue to take market share from coal. 14th October 2015 · 1 min read
Industrial Metals Update Precious metals rally as sentiment improves The prices of precious metals (PMs) have rallied since mid-September, as sentiment towards commodities in general improved. While the Fed’s dovishness has been the biggest catalyst for changes in gold... 13th October 2015 · 1 min read
Industrial Metals Update How long can markets shrug off low stocks? For the most part, LME metal stocks have fallen since the start of September, in some cases to multi-year lows. However, concerns about demand continue to weigh on prices. We expect the low level of... 13th October 2015 · 1 min read
