Australia & New Zealand Chart Pack Economies coming roaring back Restrictions on activity have lifted in both countries. While some states in Australia still limit the size of groups and capacity at restaurants, New Zealand has now lifted all domestic restrictions... 30th June 2020 · 10 mins read
Commodities Update Sugar prices to tread water, amid ample supply Weak demand and a recovery in supply should push the sugar market into a surplus in 2020/21. As a result, we forecast that sugar prices will remain low over the coming year. 29th June 2020 · 3 mins read
Metals Data Response China and India Gold Imports (May) Imports of gold into China and India in May were little changed from the previous month and continue to paint a grim picture for physical demand in the world’s top gold importing nations. We expect... 25th June 2020 · 2 mins read
Commodities Update Taking a look at our oil price forecasts In light of the recent revision to our China economic growth forecast and our expectation that the rebound in equities has further to run, we have revisited our oil price forecasts for the year ahead... 25th June 2020 · 4 mins read
Commodities Update Revisiting our forecasts … Recent revisions to our macroeconomic and markets forecasts are more positive for industrial metals than oil, and they support our slightly bearish outlook for the price of gold. 25th June 2020 · 3 mins read
Energy Update US gasoline demand will take time to fully recover Gasoline demand in the US is recovering from the coronavirus-related slump. However, we think that it will take some time before consumption fully returns to its pre-virus level. 22nd June 2020 · 3 mins read
Commodities Weekly Revising up our metals forecasts as China rebounds Industrial commodity prices continued to claw back their virus-induced losses this week. These gains helped to extend the general rise in the prices of industrial commodities since late March... 19th June 2020 · 8 mins read
Energy Update Launching our coal switching price indicator Our new coal switching price indicator (CSPI) shows that, in the UK and the Netherlands, power generation using natural gas is much more cost-effective than coal. While this has been true for a while... 18th June 2020 · 4 mins read
OPEC Watch OPEC Monthly Oil Market Report (June) May saw the latest OPEC production cuts come into force, with compliance among members fairly good. That said, a gradual pick-up in oil prices and demand, together with the prospect of some Libyan... 18th June 2020 · 3 mins read
Energy Update Renewables take the shine off European fossil fuels The virus-related economic disruption has already dealt a huge blow to fossil fuel usage in European power generation. What’s more, we suspect that the transition towards renewables may be accelerated... 16th June 2020 · 4 mins read
Commodities Weekly A pause for thought … The recent rally in most commodity prices stalled this week at least in part due to concerns about the scale of virus infections, particularly in the US. A stronger US dollar, falls in US equity... 12th June 2020 · 7 mins read
Precious Metals Update The surge in China’s PGM imports is misleading Soaring Chinese imports of platinum group metals (PGM) could be taken as a sign that end-use is racing back towards its pre-virus level. However, we think that higher imports merely reflect... 11th June 2020 · 2 mins read
Precious Metals Update Fears of inflation unlikely to boost gold price This year’s rally in the gold price has come on the back of a coronavirus-led surge in safe-haven buying and a plunge in interest rate expectations. More recently, however, we suspect that the uptick... 10th June 2020 · 3 mins read
Energy Update OPEC+ is obviously worried about demand As expected, OPEC+ extended its 9.7m bpd production cut for another month (until end-July). Given that prices have rallied strongly in recent weeks, the group’s caution reflects the still-high level... 8th June 2020 · 2 mins read
Commodities Update China’s commodity imports close to a trough Although China’s commodity imports volumes dropped in May, we expect the recent infrastructure-related fiscal support measures to lift domestic demand and commodity imports in the coming months. 8th June 2020 · 2 mins read
Energy Chart Pack Oil gallops ahead of other energy commodities The gradual easing of coronavirus-related lockdown restrictions around the world, along with falling global production, has supported the price of oil recently. By contrast, persistent oversupply and... 5th June 2020 · 6 mins read
