Industrial Metals Update China Industrial Metals Output Monitor (Nov./Dec.) China’s refinery output continued to grow in December, encouraged by higher prices and signs of a more general revival in the economy. However, we think optimism about demand will fade over the course... 24th January 2017 · 1 min read
Metals Data Response Global Aluminium Production (Dec. & 2016) According to the International Aluminium Institute (IAI), global primary aluminium output rose by 7.8% y/y last month, up from 3% y/y in November, led by a whopping 14.2% y/y jump in China’s... 23rd January 2017 · 1 min read
Industrial Metals Update China’s metals imports reflect mine supply trends The pattern of China’s trade in industrial metals and ores in 2016 was determined in part by trends in global mine supply. Lower mine output of some ores was a factor curbing imports, but higher US... 23rd January 2017 · 1 min read
Commodities Weekly Commodity prices take a breather The prices of most commodities eased back this week. Agricultural commodities fared slightly better, primarily on the back of weather-related concerns about supply. Data released on Friday confirming... 20th January 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Dec.) China’s activity data for December show the economy finishing the year on a strong note. That said, there were signs of somewhat slower growth in output last month and the downturn in state-led... 20th January 2017 · 1 min read
Global Markets Outlook How will markets deal with President Trump? We expect monetary policy in the US to be tightened by more than investors seem to be anticipating, but agree that in other major developed economies it is likely to remain very loose. With this in... 20th January 2017 · 1 min read
Energy Update Higher Chinese oil demand to help rebalance the market Despite a slowdown in economic growth in China from its high at the end of 2016, we expect the country’s oil demand to rise this year. 20th January 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Inventories of both oil and gasoline rose last week as demand slumped. Gasoline demand has been negatively impacted by higher prices and colder weather. 19th January 2017 · 1 min read
India Economics Update Decent start to 2017 Financial markets in India have made a relatively bright start to 2017. The rupee and bond yields have been stable, while equities have rallied so far in January. Looking ahead however, prospects are... 19th January 2017 · 1 min read
Australia & New Zealand Chart Pack External sector won’t fuel a rapid rebound The Australian economy has started to reap some benefits from the rise in key commodity prices towards the end of last year. Most obviously, the trade balance has swung into surplus for the first... 19th January 2017 · 1 min read
OPEC Watch Nigeria and Saudi Arabia pull OPEC output lower OPEC oil production fell last month, but this was partly due to temporary disruptions in Nigeria. Meanwhile, the group expects non-OPEC output to increase this year. 18th January 2017 · 1 min read
Precious Metals Update How sustainable is the recovery in the gold price? After slumping in the days following Trump’s win, the price of gold has since recovered some ground and is now trading at around $1,200 per ounce. However, we think that risks are now skewed to the... 18th January 2017 · 1 min read
Metals Data Response South Africa’s Mine Production (Nov.) South Africa’s overall mine production remained subdued in November, with all metals seeing a drop in output. The PGM market appears finally to be tightening but we think that it will take some time... 17th January 2017 · 1 min read
India Economics Update Trade deficit to remain in check India’s monthly trade deficit narrowed significantly in December, and a number of factors should ensure that it remains in check over the coming months. This should keep India’s financial markets... 16th January 2017 · 1 min read
Commodities Weekly Volatility returns to commodity markets After a quiet start to 2016, commodity markets have sprung into life. Late in the week, comments by OPEC members that they would deepen output cuts and possibly extend them until the end of 2017... 13th January 2017 · 1 min read
Commodities Update China’s commodity imports hit new records in 2016 China’s commodity import volumes remained high in December, corroborating data showing a pick-up in activity in the final months of 2016. However, the strength of imports cannot be attributed solely... 13th January 2017 · 1 min read
