Precious Metals Update Precious metals supply to tighten as currency boost fades Falls in currencies of major producers have played a key role in cushioning mining companies’ margins in recent years. However, with the prices of most precious metals trading below production costs... 22nd December 2015 · 1 min read
Australia & New Zealand Chart Pack Rebound won’t be sustained Australia and New Zealand both staged impressive rebounds in the third quarter, with GDP rising by 0.9% q/q in each economy on the back of a large boost from net exports. However, neither economy will... 22nd December 2015 · 1 min read
Metals Focus Aluminium prices to rise due to stronger automotive demand Governments are progressively tightening emissions and fuel economy standards for vehicles, a process that will only intensify following the deal on climate change reached at the recent Paris... 21st December 2015 · 1 min read
Commodities Update Weak producer currencies to keep prices under pressure Currency fluctuations have been a key factor dragging agricultural prices lower in US dollar terms this year. Dollar strength and weakness in key producer currencies are likely to remain headwinds in... 21st December 2015 · 1 min read
Precious Metals Update Weak industrial demand continues to weigh on US silver trade US imports of semi-manufactured silver remained subdued in September, suggesting that industrial demand is yet to recover. In contrast, investors continued to buy into falling prices, boosting demand... 21st December 2015 · 1 min read
Metals Focus PGM prices to benefit from tighter emission control standards We expect platinum group metals (PGMs) demand from the auto industry to pick up over the coming years on the back of more stringent emission control standards globally and growing car ownership rates... 21st December 2015 · 1 min read
Industrial Metals Update Another strong month for China’s metals imports Continuing the resurgence that started in September, China’s metals imports remained strong in November. We think this reflects higher consumption, encouraged by the fiscal and monetary stimulus... 21st December 2015 · 1 min read
Emerging Europe Economics Update Falling oil prices add to headwinds facing Russia’s economy The latest fall in oil prices has added to the uncertainty over the outlook for Russia’s economy. In this Update we revisit the mechanisms through which lower oil prices affect Russia and outline what... 21st December 2015 · 1 min read
Middle East & North Africa Economic Outlook Cheap oil hits home The Gulf economies have weathered the storm created by the fall in oil prices well so far, but 2016 is likely to be the year in which low energy prices begin to weigh on growth. We don’t expect... 21st December 2015 · 1 min read
Commodities Weekly Too soon to sound the “all clear” on the Fed The muted responses in commodity markets to the first hike in US interest rates since 2006 were a tribute to the clear communications of the Fed (in contrast to those of OPEC!) and, in our view... 18th December 2015 · 1 min read
Commodities Update Volatile month for agriculturals Of the eleven agricultural commodities we cover, the prices of six have posted gains since mid-November. However, in a number of cases price movements over the last month have seen some sharp changes... 18th December 2015 · 1 min read
Energy Watch What to expect for coal and gas prices in 2016 In this second Energy Watch of the month, we take a brief look back at the coal and US natural gas markets in 2015. We then set out our forecasts for prices for 2016 and out to 2020. The previous... 18th December 2015 · 1 min read
Global Economics Update A selection of our key calls for 2016 and beyond Advanced economies are likely to continue their steady recovery during the coming year or two, albeit with the euro-zone and Japan still lagging well behind the US and UK. Tighter labour market... 18th December 2015 · 1 min read
Industrial Metals Update 2016 should mark the turn for rare earth prices After a difficult year, there are signs that rare earth element (REE) prices are starting to stabilise, and some already appear to have passed their trough. We remain optimistic on the outlook for REE... 18th December 2015 · 1 min read
DM Valuations Monitor Equities well placed to cope with further Fed tightening The US stock market has reacted positively to the first rate hike by the Fed, and we don’t expect it to be derailed by the onset of further tightening. Admittedly, at around 4%, the cyclically... 17th December 2015 · 1 min read
Energy Update What are the implications of US oil export restrictions being lifted? It now seems likely that the US will relax its restrictions on oil exports before the end of the year. However, the impact on prices should be negligible given the US’s continuing need to import oil... 17th December 2015 · 1 min read
