Middle East & North Africa Economics Update Little incentive for Saudi Arabia to abandon oil strategy Last week’s OPEC meeting ended with little change to the cartel’s policy, but rumours suggest that Saudi Arabia is softening its stance on production cuts. While we’re probably at the point where the... 7th December 2015 · 1 min read
Industrial Metals Update Banging the tin drum With exchange stocks at six-year lows and refined output falling, the tin market looks increasingly tight. However, stronger demand, which we expect in 2016, is needed for a sustained rise in prices. 7th December 2015 · 1 min read
Commodities Update US lumber price should recover in 2016 The price of US lumber has fallen sharply this year, despite an ongoing improvement in the US housing sector. This divergence can be explained in part by the depreciation of the Canadian dollar, which... 7th December 2015 · 1 min read
Commodities Weekly Oil prices to recover next year, whatever OPEC targets We, and we suspect many others, are still trying to work out exactly what OPEC decided at Friday’s meeting. Usually reliable sources have reported that OPEC has agreed to raise its output target from... 4th December 2015 · 1 min read
Commodities Update Stronger dollar hits agriculturals as sentiment weakens A general strengthening of the US dollar in recent weeks, on expectations that the Fed will begin to raise interest rates this month, has been a key factor dragging agricultural prices lower. Along... 3rd December 2015 · 1 min read
Energy Chart Pack High stocks put energy commodity prices under pressure The prices of most energy commodities fell in November as negative sentiment towards commodities in general, high stocks, a warm start to winter in the US and further announcements by China about... 3rd December 2015 · 1 min read
Metals Chart Pack The supply response is underway Towards the end of November, there were a number of announcements of supply cuts from China’s metal producers. In particular, producers of nickel and zinc pledged to cut output by 20% next year, while... 2nd December 2015 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US oil stocks grew again last week despite strong growth in refinery inputs, as a surge in imports overwhelmed higher demand. 2nd December 2015 · 1 min read
Metals Chart Pack PM prices slump on strong dollar and China fears The prices of the major precious metals continued to fall in November, weighed down by the strength of the US dollar and persistent concerns over a hard landing in China. While demand and supply... 2nd December 2015 · 1 min read
Commodities Update Ample supplies to keep corn prices under pressure While the US EPA’s finalised renewable fuel standard should boost demand for US corn next year, we think ample global supplies will continue to weigh on the price in the near term. 2nd December 2015 · 1 min read
Commodities Chart Pack No reprieve yet for commodities prices The prices of commodities continued to fall in November, pummelled by the strength of the US dollar and persistent concerns about a hard landing in China. While supply-side developments explain the... 1st December 2015 · 1 min read
Commodities Update Glimmers of hope on the demand side There are many factors behind the current weakness of commodity prices, including the overhang of supply from the previous boom, the strength of the US dollar, and poor investor sentiment. But there... 1st December 2015 · 1 min read
Energy Update Stronger economic growth to support oil demand A pick up in global growth over the next few years, especially in major oil consuming countries, should help demand for oil to remain strong rather than tail off. This in turn should support oil... 30th November 2015 · 1 min read
Industrial Metals Update More supply cuts, but are they enough? China’s metal refiners have been announcing output cuts in 2016. Although Chinese producers have a poor record on curtailing production, we think a combination of reduced raw material supply and... 30th November 2015 · 1 min read
Latin America Data Response Chile Retail Sales, Ind. Prod. & Copper Prod. (Oct.) Weaker Chilean activity data for October underscore the gradual nature of the economic recovery. Nonetheless, it too early to worry about a renewed slowdown in GDP growth in Q4. 30th November 2015 · 1 min read
Commodities Update Five factors that could shape grain & soybean prices in 2016 2015 has seen the prices of corn, wheat and soybeans fall sharply, dragged lower by a combination of large harvests, rising global inventories and weak currencies in a number of key producing and... 30th November 2015 · 1 min read
