Industrial Metals Update Re-visiting the iron ore forecast Previously volatile iron ore prices have barely moved in the last six months. Despite ample supply, strong growth in China’s steel production supported prices. That said, we expect steel output to... 5th September 2018 · 1 min read
UK Economics Focus Higher oil and food prices won’t prevent inflation falling The rises in energy and agricultural commodity prices and sterling’s recent fall will put some upward pressure on inflation, but we doubt that these factors will prevent it from easing from 2.5% now... 4th September 2018 · 1 min read
Metals Chart Pack Investors turn even more bearish on metals For the most part, metals prices declined in August in the wake of escalating trade tensions and signs that economic growth in China is losing momentum. Negative investor sentiment exacerbated the... 4th September 2018 · 1 min read
Energy Chart Pack Iran concerns boost oil prices August was a good month for energy commodity prices. Oil prices jumped as investors focused on the prospect of lower supply from Iran while the price of US natural gas ticked up as stocks remained... 4th September 2018 · 1 min read
Commodities Chart Pack Oil bucks the negative trend Most commodity prices fell in August on the back of ongoing global trade tensions and worries over an economic slowdown in China. 3rd September 2018 · 1 min read
Commodities Update China’s PMIs offer little support to prices China’s PMI readings for August confirm our view that the economy is slowing as a result of subdued domestic demand. Although some policy easing is underway, it will be some time before this... 3rd September 2018 · 1 min read
Commodities Weekly Supply concerns boost oil prices It was another good week for the price of oil as concerns about lower Iranian output as a result of US sanctions continued to lift prices. In contrast, a ratcheting up of the US rhetoric on... 31st August 2018 · 1 min read
Energy Update Are Chinese tariffs on US LNG a big deal? It looks increasingly likely that the Chinese government will levy a 25% tariff on imports of US liquefied natural gas (LNG). But we suspect that any tariff will have only a limited impact on prices... 31st August 2018 · 1 min read
Energy Watch Why have US drilling rigs plateaued? The relationship between the number of US drilling rigs and oil prices appears to have broken down recently as drilling rigs have failed to rise in line with oil prices. This Energy Watch will examine... 30th August 2018 · 1 min read
Industrial Metals Update Surging steel output to lead to lower prices World Steel Association data, released earlier this week, showed a 5.8% y/y increase in global steel output in July, driven by higher production in China, India, the US and the EU. We expect this... 30th August 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Inventories of crude oil fell last week due to a drop in net imports, despite a slump in demand from refineries. Another slight decline in US production excluding Alaska is concerning, but we think... 29th August 2018 · 1 min read
Precious Metals Update Weak consumer demand to drag on gold prices The latest trade data for India and China show divergent trends in imports of gold by the two largest consumers. China’s gold imports dropped on signs that the economy is slowing, while India’s... 28th August 2018 · 1 min read
Commodities Weekly Oil jumps on supply concerns The price of Brent rose by around 6% this week, reflecting concerns about the negative impact of US sanctions on Iran’s production. The mid-week trade talks between the US and China were inconclusive... 24th August 2018 · 1 min read
Energy Update Does the Aramco float matter for oil prices? Whether the Saudi Aramco float actually happens or not should make little difference to the oil market. After all, it is now clear that Saudi Arabia is no longer intent on artificially boosting prices... 23rd August 2018 · 1 min read
Industrial Metals Update Lower supply to support aluminium prices next year After surging to a seven-year high in mid-April on the back of the US Treasury’s decision to impose sanctions on Russian aluminium producer, Rusal, the price of aluminium has since collapsed. While we... 23rd August 2018 · 1 min read
Commodities Update Ethanol is not the answer for US corn US corn farmers face considerable uncertainty over the potential for exports given rising global protectionism. What’s more, if export volumes dip, the US ethanol industry is unlikely to absorb any... 23rd August 2018 · 1 min read
