Commodities Update Commodities weather global market turmoil relatively well For most of the last few months the headlines have been dominated by the rout in commodity prices. More recently, the focus has understandably shifted to the bear markets in equities. Nonetheless, the... 12th February 2016 · 1 min read
Precious Metals Update Silver to outperform gold in 2016 While subdued industrial demand has been one of the main reasons behind the weakness in silver prices over the last few years, 2016 could be the turning point. Indeed, a recovery in the global... 12th February 2016 · 1 min read
India Economics Update Have the gold schemes been a success? The government’s two new schemes aimed at reducing gold imports have had mixed results in their early stages. The Gold Monetisation Scheme has attracted little interest, while the Sovereign Gold Bond... 11th February 2016 · 1 min read
Precious Metals Update 2015 World Gold Council Demand Trends In its latest World Demand Trends report, published today, the World Gold Council described a strong end to last year for gold demand, as a disappointing H1 gave way to robust growth in the second... 11th February 2016 · 1 min read
Energy Update Resilient production could keep oil prices lower for longer Even though we continue to think that oil prices will finish the year much higher than they started it, there is a growing risk that US shale producers will continue to defy forecasts of their demise. 11th February 2016 · 1 min read
Industrial Metals Update What, if anything, can copper price arbitrage activity tell us? The recent strength in China’s copper imports has been dismissed by many commentators as a response to an import arbitrage opportunity, rather than as a sign of a pick-up in demand. While the... 11th February 2016 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Stocks of crude oil fell slightly last week, while gasoline stocks continued to rise, albeit at a slower pace. The key driver of the dip in crude stocks was a sharp drop in net imports. A small... 10th February 2016 · 1 min read
OPEC Watch OPEC Watch OPEC production rose in January as output rebounded after December’s small fall. Even though demand is set to grow by over 1m bpd this year and non-OPEC supply should fall, bulging stocks and high... 10th February 2016 · 1 min read
Commodities Update More misery for world wheat market Upward revisions by the USDA to its estimates for world end-year wheat and soybean stocks have only added to the gloomy outlook for prices, which we think are likely to ease further this year. 10th February 2016 · 1 min read
Precious Metals Update Global central banks continue to add gold to their reserves Global central banks increased their gold reserves in December, with China and Russia once again particularly active. We expect further official purchases to continue to be one of several factors... 10th February 2016 · 1 min read
Commodities Update Malaysia Monthly Palm Oil Data (Jan.) Data released earlier today by Malaysia’s Palm Oil Board show that palm oil inventories fell sharply m/m in January for the second consecutive month. 10th February 2016 · 1 min read
Industrial Metals Update Low stocks are offering some support to prices Exchange stocks of lead and tin are now at very low levels and total stocks of most metals have fallen since the start of the year. Of course, there may well be unreported stocks but, at face value... 9th February 2016 · 1 min read
EM Markets Chart Pack Emerging markets show (some) resilience Notwithstanding some renewed pressure in recent days, financial markets in the emerging world have held up fairly well in the past month. Indeed, while bonds, equities and currencies have all fallen... 9th February 2016 · 1 min read
Commodities Update Tightening world rice market to give prices a lift With El Niño reducing rice production in key producing and exporting countries, a tighter world market should give the price of Thai rice a lift this year, despite headwinds from weakness in the baht... 8th February 2016 · 1 min read
Industrial Metals Update China’s steel slowdown to keep iron ore prices under pressure Iron ore prices have now recovered from December’s lows, close to our end-year forecast. We expect demand from China’s steel sector to disappoint this year, so wouldn’t be surprised to see prices dip... 8th February 2016 · 1 min read
Energy Watch Where next for oil? Oil prices have slumped dramatically over the last six months, but have rebounded a little over the last week. In this Energy Watch we focus on the main factors likely to drive prices over the next... 5th February 2016 · 1 min read
