Industrial Metals Update China’s metals imports likely to remain subdued China’s trade data for March depict a relatively weak picture for metals demand. While in some cases imports picked up in the first quarter, we think that optimism about demand rather than strong... 25th April 2017 · 1 min read
Metals Data Response China and India’s gold imports (Mar.) The latest trade data show a sharp rise in gold imports in China and India in March. While demand in India picked up ahead of the Akshaya Tritiya festival, Chinese buyers probably took advantage of... 25th April 2017 · 1 min read
Energy Update Will the shake-up of the Brent oil benchmark affect prices? We expect the change in the method for assessing the Brent global benchmark to have a negligible effect on the price of Brent going forward. Rather, we anticipate fundamental factors such as stronger... 24th April 2017 · 1 min read
Metals Data Response Global Steel Production (Mar.) World Steel Association (WSA) data showed a 5.7% y/y rise in global steel production in the first quarter. Output rose strongly in all regions of the world. 24th April 2017 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (Feb./Mar.) China’s refinery output picked up pace in the first quarter, encouraged by higher prices and optimism about demand. Iron ore and steel production were growing particularly strongly, but prices have... 24th April 2017 · 1 min read
Commodities Weekly Better economic news fails to boost prices Concerns about oil demand in the US weighed on prices this week. On the other hand, Saudi Arabia has indicated that OPEC is close to agreeing an extension to its output cuts, which are currently due... 21st April 2017 · 1 min read
Middle East & North Africa Chart Pack Saudi Arabia hints at OPEC deal extension Recent comments from Saudi Arabia’s Oil Minister, Khalid al-Falih, suggest that OPEC is edging towards an agreement to extend its oil production cuts when it meets in Vienna next month. Having ruled... 21st April 2017 · 1 min read
India Economics Update Rupee surges to 20-month high The rally in the Indian rupee since the start of 2017 has continued in recent weeks, driving the currency to its highest rate against the US dollar in almost two years. While we doubt that the rally... 21st April 2017 · 1 min read
Metals Data Response Global Aluminium Production (Mar.) According to the International Aluminium Institute (IAI), global primary aluminium output rose by just 4.3% y/y in March, but was still up by nearly 9% in the first quarter. 20th April 2017 · 1 min read
Energy Update How concerned should the oil market be about rising tensions? The increase in political tensions in the Middle East and North Korea had given oil prices a bit of a boost, but this already seems to have faded. Indeed, barring a dramatic escalation of the... 20th April 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report The continued rebound in refinery activity led to a modest fall in US crude oil stocks and a rise in gasoline stocks last week. 19th April 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Mar.) China’s activity and investment data for March were robust and point to a strengthening of metals demand in the first quarter. However, the prospect of a steadily tightening policy environment over... 19th April 2017 · 1 min read
Commodities Update Geopolitics takes centre stage Investor sentiment towards commodities has remained broadly positive over the last month, despite rising geopolitical tensions. It could be that signs of an improving global economic outlook are... 18th April 2017 · 1 min read
Commodities Weekly Higher geopolitical tensions support gold prices, for now The further deterioration in the US relationship with Russia and North Korea this week has supported the prices of precious metals. A weaker dollar, in light of President Trump’s comments about the... 13th April 2017 · 1 min read
Metals Data Response South Africa’s Mine Production (Feb.) South Africa’s overall mine production continued its recovery in February, as higher prices incentivised producers to raise output. The strength of the production data was broad-based, with gold the... 13th April 2017 · 1 min read
Commodities Update China’s commodity imports grow, but so do stocks Strong growth in China’s commodity imports in March would, at first glance, appear to be supportive of commodity prices. However, the rise in stocks of some commodities suggests that the buying has... 13th April 2017 · 1 min read
