Commodities Update US stocks don’t indicate any market shortage The latest US grain stocks estimates continue to signal that grain and oilseed supplies are plentiful. With weak currencies boosting the competitiveness of key exporters, we think dollar prices are... 1st October 2015 · 1 min read
Commodities Update Glencore’s woes may have silver lining for commodities We would not be surprised if the well-publicised problems at Glencore actually mark a trough for the prices of many industrial commodities. This (perhaps rather counter-intuitive) conclusion is based... 30th September 2015 · 1 min read
Commodities Update Soybean prices have further to fall The price of soybeans has fallen by around 15% in US dollar terms so far this year. However, the bigger picture is that the price has been in a downward trend since peaking close to 1,750 US cents per... 30th September 2015 · 1 min read
Industrial Metals Update Zinc’s fall from favour should be short-lived An unexpected spike in LME inventories in the last month has raised concerns about oversupply and contributed to a sharp drop in the price of zinc. However, stocks remain historically low and, with... 30th September 2015 · 1 min read
Precious Metals Update Platinum plummets as VW scandal engulfs Audi and Skoda The platinum price is trading close to the lowest level in over six years in response to revelations that Volkswagen (VW) was not alone in cheating on emissions tests for its diesel cars in the US and... 29th September 2015 · 1 min read
Commodities Update China’s carbon trading to curb coal demand further China’s new national carbon cap-and-trade scheme constitutes yet another blow to the prospects for coal demand and prices. In contrast, lower production of steel, aluminium and some petroleum products... 28th September 2015 · 1 min read
Precious Metals Update What does the VW scandal mean for PGMs? Last week, Volkswagen (VW), the biggest European car maker, was engulfed in a scandal for using a hidden software to deceive American regulators when measuring emissions from its diesel-engine cars... 25th September 2015 · 1 min read
Commodities Update Brazil Sugar Production (1st Sep. – 16th Sep.) Data released today by Brazil’s Sugarcane Industry Association, UNICA, showed that sugar cane harvesting in Brazil’s main South-Central region was severely disrupted by rain in the first half of... 24th September 2015 · 1 min read
Commodities Update Further changes to China’s corn policy are likely The proposal to cut the price paid to China’s corn farmers for state stockholding purchases is unlikely to be sufficient to tackle the country’s growing corn stocks. Indeed, we think further reforms... 23rd September 2015 · 1 min read
Commodities Update China & Euro-zone Flash PMIs (Sep.) Today’s weak manufacturing PMI reading from China has contributed to the negative sentiment towards commodities, but the data are not as disastrous as some of the headlines have implied. The euro-zone... 23rd September 2015 · 1 min read
Industrial Metals Update China’s import data show some areas of strength The latest data on China’s imports and exports do not paint a picture of a slump in domestic demand. But there are nuances, with imports of some metals holding up better than others. 22nd September 2015 · 1 min read
Commodities Update Chinese imports ease in August, but after a strong July The detailed Chinese import data show an easing of demand for many agricultural commodities in August. However, the bigger picture is that demand remains robust. 22nd September 2015 · 1 min read
Energy Update Coal prices still have further to fall We think that coal prices will probably continue to decline over the next few years as demand is diminished by competing fuels and environmental concerns, especially in China. In addition, supply... 22nd September 2015 · 1 min read
Industrial Metals Update Flagging up the risks to copper mine supply The earthquake that hit Chile yesterday served as a reminder of the vulnerability of the copper market to disrupted mine output from key producing countries. With El Niño underway, persistent strike... 18th September 2015 · 1 min read
Energy Update Five key numbers for crude oil markets The oil market is inundated with thousands of different statistics regarding production, consumption and trade on a daily basis. In this Update we pick five figures which we consider to be the most... 18th September 2015 · 1 min read
Commodities Update What should the Fed’s inaction mean for commodities? Commodity markets initially welcomed the US central bank’s decision to keep rates on hold yesterday, but the moves have been small. This makes sense, as rates are still likely to rise soon, and the... 18th September 2015 · 1 min read
