Industrial Metals Update China Industrial Metals Demand Monitor (Sep. & Q3) China’s September activity and investment data and Q3 GDP suggest that the economy is holding up well. However, both point to weakness in the construction sector, which will weigh on demand for metals... 23rd October 2017 · 1 min read
Metals Data Response Global Aluminium Production (Sep.) The latest aluminium output data for September, released today, point to a tighter market. However, ShFE stocks have continued to rise indicating that the market is amply supplied for now. We expect... 20th October 2017 · 1 min read
Middle East & North Africa Chart Pack Regional growth slows further The raft of GDP data released over the past month showed that growth across the Middle East & North Africa continued to slow in Q2. Our weighted-average measure of regional GDP expanded by 1.4% y/y in... 20th October 2017 · 1 min read
Energy Focus What can the oil market learn from coal’s demise? The dramatic rise in renewable power has led to a sharp reduction in demand for coal and, until recently at least, had pushed coal prices down by more than 50% since 2011. A rapid rise in alternative... 20th October 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A drop in net imports and lower production contributed to a fall in crude inventories last week. At the same time, gasoline and distillate stocks moved higher as demand for petroleum products slumped. 18th October 2017 · 1 min read
Commodities Update Commodities defy stronger dollar Despite a stronger US dollar, the S&P GSCI commodity index trended higher. With the exception of agriculture, all the other sub-indices recorded gains. 18th October 2017 · 1 min read
Industrial Metals Update Stocks fall, but cannot explain the surge in prices Total exchange stocks of nearly all the metals edged lower over the last month, which will have been a factor supporting prices. That said, the recent stock drawdowns have been relatively small. What... 17th October 2017 · 1 min read
Energy Update Iran’s oil exports unlikely to fall any time soon President Trump’s refusal to waive sanctions on Iran’s oil industry has given a boost to oil prices, but it is not a given that Congress will reinstate sanctions and support from international... 16th October 2017 · 1 min read
Commodities Weekly All eyes on China The more industrial commodities have had a good week, which was vindicated to some extent on Friday by data showing a surge in China’s commodity imports in September. Meanwhile, the minutes from the... 13th October 2017 · 1 min read
Commodities Update Soybeans steal the show The US Department of Agriculture (USDA)’s latest set of estimates painted a more mixed picture this month. While the report was perceived as bearish for wheat and cotton, soybeans and corn rallied on... 13th October 2017 · 1 min read
Commodities Update A bumper month for China’s commodity imports China’s commodity import volumes surged in September. However, this could reflect a final push at the local level to boost activity ahead of the Party Congress this month. As such, import volumes... 13th October 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Last week’s reduction in US crude stocks was mainly owing to lower production and a recovery in refinery inputs. Stocks are likely to continue to fall over the next few weeks as demand gains momentum. 12th October 2017 · 1 min read
Middle East & North Africa Economics Update Gulf likely to shrug off calls for deeper oil output cuts Oil policy in the Gulf has been thrust back into the spotlight after the Saudi government disclosed details of Aramco’s export allocations for November. But there is less to this than meets the eye... 12th October 2017 · 1 min read
Africa Economics Focus Making sense of Africa’s statistical muddle Sceptics are right to question the reliability of official economic statistics in Africa, but the problems unevenly distributed across the region. For Africa’s larger economies, we think that the... 12th October 2017 · 1 min read
Energy Update LNG rally may run out of steam Temporary supply disruptions and strong demand in Asia have boosted LNG prices to an almost 9-month high. However, the rally may soon lose momentum as winter demand looks set to peak at a time of... 11th October 2017 · 1 min read
OPEC Watch Oil market showing more signs of tightening OPEC production rose last month due to increases in Libya and Nigeria. However, estimates of slower non-OPEC output growth and stronger demand offer some hope for rebalancing. 11th October 2017 · 1 min read
