Middle East & North Africa Data Response Saudi Arabia GDP (Q4) Data released today confirmed that Saudi GDP growth held steady at 3.6% y/y in the final quarter of last year but we think the economy will slow sharply this year and even further in 2017. 4th April 2016 · 1 min read
Energy Update What are the chances of a deal in Doha to freeze oil output? Comments from a leading Saudi Arabian official on Friday have led markets to reassess the prospect of a deal being done in Doha later this month to freeze OPEC and Russian oil production. In our view... 4th April 2016 · 1 min read
Commodities Update Surge in US acreage doesn’t bode well for corn prices With sizeable US inventories and the likelihood of large US corn and soybean plantings this year, we remain of the view that prices of grains and soybeans are likely to fall over the course of the... 1st April 2016 · 1 min read
Commodities Weekly Commodities hit by strong US data and Saudi comments Markets began the second quarter on Friday on a sour note, with sentiment undermined both by a weak Tankan survey in Japan and, rather perversely, by another robust Employment Report and a buoyant ISM... 1st April 2016 · 1 min read
Commodities Update China data finally starting to turn? The jump in China’s two manufacturing PMIs in March suggest that policy stimulus is starting to work, although these reports alone only validate the earlier rally in industrial commodity prices rather... 1st April 2016 · 1 min read
Commodities Chart Pack Commodities spring into life Commodity prices had another strong month in March, supported by some weakness in the US dollar and the ongoing improvement in investor sentiment towards riskier assets. Tentative signs of a pick-up... 1st April 2016 · 1 min read
Metals Watch What can LME stocks tell us about the aluminium market? In this Metals & Mining Watch , we peer into the murky world of aluminium stocks on the LME. We ask whether LME stocks data are, and can expected to be, reliable indicators of the economic drivers... 1st April 2016 · 1 min read
Energy Watch How much does the weather matter for energy commodities? One of the strongest El-Niño’s on record has been largely to blame for the unusually mild winter weather recently. Indeed, last year was the warmest on record and February this year was the hottest... 31st March 2016 · 1 min read
Precious Metals Update Rhodium price to benefit from tighter fundamentals The price of rhodium is set to recover over the next couple of years as (i) cuts to capital expenditure in South Africa start to take their toll on production and (ii) usage of the metal in... 31st March 2016 · 1 min read
Commodities Update How will the reform of the EU sugar regime affect world prices? The European Union (EU) sugar regime governs the production, sale and trade in sugar within the region. In 2017, the regime will be liberalised: production quotas will be abolished and guaranteed... 31st March 2016 · 1 min read
Commodities Update US Weekly Petroleum Status Report US crude oil inventories hit a new record for the seventh consecutive time last week, despite a surge in inputs to refineries, a further drop in US oil production and lower imports. On the other hand... 30th March 2016 · 1 min read
Global Markets Update Yellen remarks underline the pivotal role of oil prices Despite the dovish spin put on Janet Yellen’s latest remarks, global markets will probably stillhave to contend with more Fed tightening this year. However, the prices of many commodities, including... 30th March 2016 · 1 min read
OPEC Watch US Weekly Petroleum Status Report US crude oil inventories hit a new record for the seventh consecutive time last week, despite a surge in inputs to refineries, a further drop in US oil production and lower imports. On the other hand... 30th March 2016 · 1 min read
Energy Update LNG prices to continue to struggle this year The balance of power in the liquefied natural gas (LNG) marketplace has shifted to the consumer given the ongoing ramp-up in supply and the fall in cost of competing fuels. Although spot LNG prices... 30th March 2016 · 1 min read
Industrial Metals Update Fundamentals will eventually underpin copper price rise The rally in copper prices since mid-January has been flattered by a weaker dollar and improved investor sentiment. However, we think a more sustainable recovery in the price will happen later in the... 29th March 2016 · 1 min read
Industrial Metals Update China’s REE exports prove resilient The individual breakdown of China’s total rare earth element (REE) exports shows that exports of most REEs continued to grow strongly in the first two months of this year. 29th March 2016 · 1 min read
