Commodities Weekly Investor sentiment continues to sour Oil prices fell again this week on persistent concerns that the market remains oversupplied. Most metals prices also slipped, despite China’s May trade data showing robust growth in commodity imports... 9th June 2017 · 1 min read
Commodities Update What does a stronger Europe mean for commodities? It now appears likely that the European economy will record the strongest growth in nearly a decade in 2017. While Europe cannot compete with China or the US in terms of the likely impact on... 9th June 2017 · 1 min read
Metals Data Response South Africa’s Mine Production (Apr.) PGM output had a strong start to the year but the latest figures suggest that it has already started to wane. We expect production to fall in the remainder of the year as the platinum price treads... 8th June 2017 · 1 min read
Commodities Update Recovery in China’s commodity imports likely to be short-lived China’s commodity import volumes bounced back in May, after a weak April. However, we doubt that this marks the beginning of a sustained recovery. Slower credit growth is expected to lead to weaker... 8th June 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Stocks of both crude oil and gasoline unexpectedly rose last week, driven by a rebound in crude imports and a slump in demand. 7th June 2017 · 1 min read
Metals Chart Pack Precious metals outperform The prices of precious metals benefitted from a weaker US dollar and heightened safe-haven demand in May. In addition, markets are pricing in only a limited Fed tightening over the next eighteen... 6th June 2017 · 1 min read
Energy Chart Pack OPEC disappoints the oil market Oil prices fell at the end of last month as OPEC disappointed markets by simply rolling over its output cuts for another nine months, rather than deepening them as well. However, this should still be... 6th June 2017 · 1 min read
Commodities Weekly A case of the jitters hits commodity markets Oil prices have continued to fall on fears that the OPEC supply cuts will not be sufficient to clear the excess in the market. In addition, a weak May unofficial PMI reading out of China on Thursday... 2nd June 2017 · 1 min read
Energy Update Is the US leaving the Paris Agreement significant? The withdrawal of the US from the Paris Agreement on climate change will not alter our forecasts of US demand for energy commodities, since the agreement was non-binding and President Trump had no... 2nd June 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude stocks fell for the eighth consecutive week as demand from refineries increased and net imports fell. Gasoline stocks were also drawn down as consumption picked up. 1st June 2017 · 1 min read
Industrial Metals Update Are we too bearish on the prospects for lead prices? Despite the recent rally in prices, we remain bearish on the long-term prospects for lead usage. While increased demand for start-stop systems in cars could provide some support to prices over the... 1st June 2017 · 1 min read
Commodities Chart Pack A weaker dollar fails to lift commodities With the exception of a few agriculturals, the prices of most commodities fell last month. Markets chose to shrug off the persistent weakness in the US dollar. Instead, data showing a slowdown in... 1st June 2017 · 1 min read
Commodities Update Mixed messages from China’s PMIs The official and unofficial May manufacturing PMIs for China told somewhat different stories. However, we are inclined to put more weight on the unofficial PMI, which fell for the third successive... 1st June 2017 · 1 min read
Energy Update Rising supply and weak demand to weigh on coal prices Coal prices have been supported recently by strong global economic growth. However, a slowing Chinese economy, rising supply and intense competition from cheap natural gas and renewable power mean... 31st May 2017 · 1 min read
Metals Watch As good as it gets for Chinese steel Chinese steel prices have been on a roller-coaster since the start of this year, as investor sentiment on the outlook for demand waxed and waned. In this Metals Watch, we take an in-depth look at the... 30th May 2017 · 1 min read
Middle East & North Africa Chart Pack OPEC deal renewed, but Saudi nods towards “exit strategy” OPEC’s decision this month to roll over its oil output cuts displayed a rare sense of cohesion from the cartel, but there are signs that de-facto leader Saudi Arabia is seeking an eventual end to... 30th May 2017 · 1 min read