Commodities Update What would “Brexit” mean for commodities? A UK vote to leave the European Union (“ Brexit ”) would presumably have a negative impact on global business and investor confidence. This in turn is likely to undermine the prices of industrial... 9th June 2016 · 1 min read
Precious Metals Update Gold rebounds as US real yields hit one-year low The gold price has rallied this week as expectations of a June rate hike by the Fed have been abandoned. However, while we expect that the Fed will resume its tightening later in the year, real... 9th June 2016 · 1 min read
Energy Update Nigerian oil output disruptions are another wildcard for prices It is likely that further disruptions to Nigerian oil output over the next few weeks and months will continue to support oil prices, even as production from Canada returns. 9th June 2016 · 1 min read
Metals Data Response South Africa’s Mine Production (Apr.) South Africa’s overall mine production remained subdued in April, but PGM output did recover somewhat. We maintain that renewed efforts to curb output should underpin price gains later in the year. 9th June 2016 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude oil inventories fell for the third week in a row last week thanks to lower net imports and stronger refinery demand. Notably, overall production rose on the week. 8th June 2016 · 1 min read
Industrial Metals Update What next for tin? The price of tin has risen since the start of the year in large part owing to temporary bottlenecks. However, we think the price gains will prove sustainable given more long-term constraints on supply... 8th June 2016 · 1 min read
Energy Update Weather forecasts heat up US natural gas prices Forecasts of an abnormally hot summer should continue to see strong demand for electricity supporting US gas prices. But high production and stocks will limit the upside. 8th June 2016 · 1 min read
Commodities Update China’s commodity imports holding up well China’s commodity demand remained strong in May. While arbitrage opportunities and stockbuilding may explain some of the strength, it also looks likely that fiscal and monetary stimulus measures are... 8th June 2016 · 1 min read
Energy Update Rally in coal prices likely to be smothered We think that despite the recent optimism that the worst may be over for coal prices, the ongoing structural decline in demand over the next few years will probably lead to a renewed fall in prices. 7th June 2016 · 1 min read
Industrial Metals Update Stocks look comfortable, for now Exchange stocks of most metals have been falling. The exceptions are lead and tin stocks which have jumped recently, from a low starting point. The ease with which stocks of these two metals have been... 6th June 2016 · 1 min read
Europe Economics Update Rise in oil prices not all positive for Norway The recent rise in oil prices will provide some short-term support to the Norwegian economy, but the associated strengthening of the krone will hinder the economy’s rebalancing away from oil. We... 6th June 2016 · 1 min read
US Economics Update GDP growth will benefit from oil price rebound The recent rally in oil prices is a positive for the US economy insofar as it confirms that the drag from falling mining investment will fade by the second half of the year. And with households having... 6th June 2016 · 1 min read
Nordic & Swiss Economics Update Rise in oil prices not all positive for Norway The recent rise in oil prices will provide some short-term support to the Norwegian economy, but the associated strengthening of the krone will hinder the economy’s rebalancing away from oil. We... 6th June 2016 · 1 min read
Commodities Weekly When bad news is good news… Metals prices bounced on Friday, led by silver, gold and copper, as the downbeat US payrolls report quashed expectations of a summer rate hike by the Fed and dragged the dollar lower again. This... 3rd June 2016 · 1 min read
Metals Chart Pack Strong dollar weighs on precious metals prices Precious metals prices fell across the board in May. A strong dollar on the back of upward revisions to US interest rate expectations was the main factor behind the poor performance of the sector... 3rd June 2016 · 1 min read
Metals Chart Pack Investors turn more cautious The prices of almost all the industrial metals fell in May. A combination of an upward revision to US interest rate expectations, a stronger US dollar and renewed concerns about China’s demand weighed... 3rd June 2016 · 1 min read