Commodities Update Will new Chinese crude contracts be a game-changer? A new, yuan-denominated crude futures contract should have no impact on oil prices. The development of more futures contracts makes sense given China’s high consumption of most major commodities and... 19th September 2017 · 1 min read
Energy Update Should we expect the rise in coal prices to continue? We are revising our coal price forecast up to take account of the recent rise in prices. However, increasing supply, slowing Chinese demand and more efficient energy alternatives are all likely to... 19th September 2017 · 1 min read
Industrial Metals Update Stock data at odds with prices There has been a dramatic drawdown of Shanghai lead inventories in the last month and a surge in LME copper stocks in the last week. Otherwise, total stock movements have been relatively subdued, with... 18th September 2017 · 1 min read
Commodities Weekly Profit-taking evident in metals There were some big gains this week in some of the agricultural commodities, primarily as a result of supply concerns. In contrast, weak Chinese August activity and spending data weighed on the prices... 15th September 2017 · 1 min read
Industrial Metals Update Investor sentiment could be about to turn Sentiment towards metals remained broadly positive in Q3 as the prospect of capacity cuts in China later in the year supported industrial metals prices whilst heightened geopolitical risks buoyed... 15th September 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Aug.) China’s August activity and spending data suggest that the slowdown that started in July continued into August. In particular, a downturn in infrastructure spending does not bode well for metals... 14th September 2017 · 1 min read
Commodities Update Investor buying boosts metals prices Commodities prices trended higher in the last month, supported by increased speculative activity and a weaker dollar. Metals benefited from robust Chinese activity data and heightened geopolitical... 13th September 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report As we expected crude oil production rebounded last week but many refineries remained shut, swelling crude stocks and pulling down gasoline inventories. Next week’s report should show a significant... 13th September 2017 · 1 min read
Commodities Update More bad news for grains & soybeans prices The US Department of Agriculture (USDA)’s latest set of estimates painted a broadly bearish picture for grains – notably corn – and soybeans. While the price of wheat increased following the release... 13th September 2017 · 1 min read
Energy Update OPEC open to extending output deal OPEC has recently been hinting that it may prolong its production cuts. However, some members are planning to increase output next year and compliance with the current agreement will probably have to... 13th September 2017 · 1 min read
OPEC Watch Lower OPEC production likely to be temporary OPEC production fell last month, but early indicators suggest that it is likely to rebound in September. Unless output falls significantly over the next six months, stocks will remain above their five... 12th September 2017 · 1 min read
Asia Chart Pack Will tougher sanctions on North Korea work? The United Nations has agreed a new set of sanctions on North Korea, which while falling short of what was originally demanded by the US, constitute the strongest sanctions ever imposed on the country... 12th September 2017 · 1 min read
Commodities Weekly Is this the end of the price rally in metals? The impact of hurricanes in the US provided direction for many commodities this week. The price of crude oil started to recover as refineries in Texas restarted, but some agriculturals made gains on... 8th September 2017 · 1 min read
Precious Metals Update Investors’ support for palladium to fade We believe that increased speculative activity was the main driver of the recent rally in the price of palladium, which hit a 16-year high on Monday. While it is difficult to know when, if ever... 8th September 2017 · 1 min read
Japan Economics Update Would the yen remain a safe haven during a Korean War? The experience of the last couple of weeks suggests that gold might be the better safe haven choice if war were to break out on the Korean peninsula. Nonetheless, on the evidence of past crises, the... 8th September 2017 · 1 min read
Commodities Update China’s ore imports continue to rise China’s commodity import volumes picked up in August as rising metals prices encouraged refiners and steel mills to import raw materials. However, we expect import volumes to subside later in the year... 8th September 2017 · 1 min read
