Metals Data Response Global Aluminium Production (Jan.) According to the International Aluminium Institute (IAI), global primary aluminium output rose by 11.4% y/y last month, up from 7.8% y/y in December, led by a 19% y/y surge in China’s production. 20th February 2017 · 1 min read
Commodities Weekly Commodities consolidate While a slight weakening of the US dollar provided some support to prices this week, individual demand and supply fundamentals were the main drivers. Oil prices fell as a further rise in US stocks... 17th February 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude oil inventories continued to rise last week, albeit at a slower rate than in the previous one. Gasoline stocks also increased, after a small reduction a week earlier. 15th February 2017 · 1 min read
Precious Metals Update Silver mine supply could bounce back Oversupply has been plaguing the silver market for the past ten years. However, the latest data show that production cuts across the industrial and precious metal industries are starting to take their... 15th February 2017 · 1 min read
Global Markets Update Will rising metals prices continue to boost EM equities? The latest rise in industrial metals prices has provided a welcome fillip to emerging market equities, which are now at their highest level for more than a year and a half. However, we think that this... 15th February 2017 · 1 min read
Commodities Update Investors still in love with commodities The prices of most commodities have risen since the start of the year, boosted by optimism about demand and, in some cases, disrupted supply. A period of weakness in the US dollar has helped, but the... 14th February 2017 · 1 min read
Energy Update Will a slowdown in efficiency gains curtail US shale oil output? Oil price increases following production cuts by OPEC and non-OPEC countries stand to be partially tempered by higher US shale oil output. Improved efficiency in the industry means that oil producers... 14th February 2017 · 1 min read
Global Economics Update Outlook for oil prices still benign for world economy OPEC is unlikely to sustain the production cuts which it implemented in January, but we expect a combination of rising global demand and increased US shale production to keep prices fairly stable for... 13th February 2017 · 1 min read
OPEC Watch OPEC reins in production OPEC’s oil production dropped sharply in January as the group’s new output quota came into force. However, Iran, Libya and Nigeria continued to increase output. 13th February 2017 · 1 min read
Industrial Metals Update Uncertain ore supply to support nickel prices Nickel ore supply is likely to fall this year which underpins our forecast of a rise in refined nickel prices. But the scale of any rally will be constrained by high prevailing stocks. 13th February 2017 · 1 min read
Commodities Weekly Yellen’s testimony unlikely to be a market mover Most commodity prices rose this week despite a sharp appreciation of the US dollar. The latest data on Chinese trade, released today, show that commodity import volumes jumped in January but this... 10th February 2017 · 1 min read
Commodities Outlook Time to sound a note of caution Commodity prices continued their strong run in the early weeks of 2017, but we are concerned that investor optimism may fade in the months ahead. Prices have been buoyed by the pick-up in China’s... 10th February 2017 · 1 min read
Commodities Update China’s commodity imports remain robust China’s commodity import volumes jumped in January, despite a further fall in the renminbi vis-à-vis the US dollar. However, the most recent activity data show that the Chinese economy, while still... 10th February 2017 · 1 min read
Energy Update Will a stronger dollar prevent oil prices from rising further? Strong growth in demand for oil and a reduction in stocks should push prices higher over the rest of this year. However, rising US interest rates and a stronger dollar are likely to act as headwinds... 9th February 2017 · 1 min read
Metals Data Response South Africa’s Mine Production (Dec. & 2016) South Africa’s overall mine production fell in 2016, with all the main metals seeing a drop in output. The PGM market appears finally to be tightening but we think that it will take some time to rise... 9th February 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude oil inventories rose by a near record level last week. But stocks of gasoline were drawn down a little. 8th February 2017 · 1 min read
