Precious Metals Update 2017 World Gold Council Demand Trends Global gold demand fell to its lowest level in eight years in 2017. Weak investment demand accounted for most of the decline. With demand from India and China likely to remain subdued and Fed... 6th February 2018 · 1 min read
Commodities Update Commodities caught up in the wider sell-off The latest falls in commodity prices have more to do with risk aversion than any deterioration in underlying demand and supply fundamentals. That said, we had always expected commodity prices to fall... 6th February 2018 · 1 min read
Energy Chart Pack Winter weather and weaker dollar lift energy prices We expect the prices of most energy commodities to fall back over the next few months as the weather normalises and the dollar stabilises. Indeed, prices fell at the start of February amid a broader... 6th February 2018 · 1 min read
Metals Chart Pack Is the rally starting to fizzle out? The prices of most metals continued to make gains in the first month of 2018. The persistent depreciation of the US dollar supported the prices of all the metals, but notably that of gold. However... 5th February 2018 · 1 min read
Commodities Weekly Prices take a tumble on payrolls The prices of many commodities drifted lower over the course of the week. But the negative tone was set more firmly on Friday by the release of data showing strong growth in US non-farm payrolls and... 2nd February 2018 · 1 min read
Precious Metals Update What does India’s budget mean for gold? India’s budget for FY18/19, released yesterday, was a mixed bag for gold. On the one hand, incomeboosting measures for the rural population are good news for jewellery demand. On the other hand, the... 2nd February 2018 · 1 min read
Commodities Watch Are biofuels doomed? Biofuels have become an important source of demand for many agriculturals over the past decade. In this Commodities Watch, we argue that concerns about the environment and the diversion of food... 2nd February 2018 · 1 min read
Commodities Chart Pack Dollar weakness bolsters commodities Commodity prices trended higher in January, with all the major sub-sectors of the S&P GSCI recording gains. Energy led the way, rising by 4.5% m/m. Dollar weakness was the main driver of the rally in... 1st February 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A slump in demand for oil from refineries and another increase in production combined to boost US crude inventories last week for the first time since mid-November. At least part of the recent surge... 31st January 2018 · 1 min read
Precious Metals Update Is there more to the gold rally than a weak dollar? Our analysis shows that dollar weakness can explain much of the recent strength in the price of gold. As such, given our view that the US currency will appreciate this year, we think that those gains... 31st January 2018 · 1 min read
Energy Update How much of the rise in oil prices is due to the dollar? We think that about half of the surge in oil prices since the start of December can be attributed to the slump in the US dollar. However, a stronger dollar should put some downward pressure on oil... 31st January 2018 · 1 min read
Asia Economics Update What do high oil prices mean for Asia? The recent jump in oil prices does not alter the outlook for Asia’s economies. But if prices were to rise significantly further, we would be most concerned about the impact on India and Sri Lanka. 29th January 2018 · 1 min read
Commodities Weekly It is all about the dollar Most commodity prices rose this week on the back of further broad-based falls in the US dollar. At the same time, the euro strengthened as ECB President Mario Draghi struck a fairly positive note at... 26th January 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report The fall in crude stocks last week was overshadowed by rising US output, lower refinery runs and ballooning gasoline inventories. Indeed, US oil production is now within touching distance of 10m bpd... 24th January 2018 · 1 min read
Metals Data Response Global Steel Production (Dec. & 2017) World Steel Association (WSA) data showed a 3.9% y/y increase in global steel production in December and a 5.3% rise in 2017 as a whole. Expectations that the capacity closures in China would prompt a... 24th January 2018 · 1 min read
Metals Data Response Global Aluminium Production (Dec. & 2017) Global aluminium output bounced back last month, led by a jump in China’s production. It seems likely that refineries ramped up output to benefit from high prices and the capacity closures in parts of... 22nd January 2018 · 1 min read
