Commodities Update Commodities come off the boil Commodity indices took a tumble at the start of December, coinciding with a slight appreciation of the US dollar. The downturn in commodity prices over the month was broad-based, with falls in all the... 14th December 2017 · 1 min read
Commodities Update More of the same in the December WASDE There were no major surprises in the latest set of estimates published by the US Department of Agriculture (USDA). Projected 2017/18 ending stocks for the grains and soybeans were raised further... 13th December 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude stocks fell sharply again last week. However, surging US production could potentially push the global oil market back into a surplus next year. What’s more, stocks of petroleum products are... 13th December 2017 · 1 min read
OPEC Watch OPEC Monthly Oil Market Report (Dec.) Today’s report showed that OPEC’s production fell again last month. However, the group also increased its expectations of non-OPEC supply growth. We think that the cartel is still being too optimistic... 13th December 2017 · 1 min read
Commodities Watch Are macro-economic factors positive for agriculturals? The weather is arguably the main determinant of agricultural commodity prices. However, there are other factors that influence prices, including the oil price, the US dollar, global growth prospects... 12th December 2017 · 1 min read
Commodities Update What does a flattening yield curve mean for gold? While a flattening US yield curve has, at times, been associated with a rising gold price, the relationship is far from perfect. Indeed, although we expect the curve to continue to flatten over the... 12th December 2017 · 1 min read
Commodities Weekly Gold vulnerable to further Fed tightening Commodity prices mostly fell this week. A stronger US dollar – following the US Senate’s approval of the “Tax Cuts and Jobs Acts” last Saturday – was the main reason behind the declines in prices... 8th December 2017 · 1 min read
Commodities Update China’s commodity imports jump China’s commodity import volumes rebounded strongly in November, after the October weakness. The data may have been boosted by holiday-related distortions but it also appears that policies to curtail... 8th December 2017 · 1 min read
Energy Update Are forecasts for US oil output too optimistic? The recent rise in prices makes a large jump in US oil production next year relatively certain. However, rising costs, fewer efficiency gains and maturing fields will start to weigh on growth towards... 7th December 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A large drop in crude stocks was eclipsed by an even bigger jump in gasoline inventories. Weak demand for fuel products and a rebound in imports would weigh on oil prices over the next few months. 6th December 2017 · 1 min read
Metals Chart Pack Metals starting to look vulnerable The prices of most metals fell in November, reflecting concerns about somewhat softer economic data out of China. The outlier was the ferrous sector, where prices surged on the prospect of Chinese... 5th December 2017 · 1 min read
Metals Watch Copper supply not a problem, for now There has been much chatter about an imminent tightening in the copper market, partly as a result of a shortfall in supply but also because of strong demand growth associated with the green economy... 5th December 2017 · 1 min read
Energy Chart Pack OPEC output cuts extension supports oil prices The big news last month was the announcement by OPEC and its allies that they would extend their output cuts until the end of 2018 rather than finishing them in March as had been planned. However, in... 4th December 2017 · 1 min read
Commodities Weekly OPEC delivers on expectations Commodity prices fell this week, partly owing to weaker activity data from China, which weighed on industrial metals prices. In addition, a stronger dollar put some downward pressure on precious... 1st December 2017 · 1 min read
Commodities Chart Pack Signs of China slowing weigh on industrials Commodity prices edged slightly higher in November on the back of a depreciation in the US dollar. Looking at the sector breakdown, most sub-sectors of the S&P GSCI moved higher. Industrial metals... 1st December 2017 · 1 min read
Industrial Metals Update Will India’s steel industry continue to boom? India has experienced a period of uninterrupted growth in steel production for more than a decade, unmatched by any other major producer. But the country faces challenges in creating a competitive... 1st December 2017 · 1 min read
