Commodities Weekly All eyes on the Fed This week has been relatively quiet in commodity markets, but there could be some bigger moves in prices in the next seven days given that the Fed meets on Thursday and a raft of economic data is... 25th October 2019 · 7 mins read
Precious Metals Update China and India Gold Imports (Sep.) Gold imports by China and India fell once again in September. With the Chinese economy set to slow and Indian consumer preferences slowly drifting away from gold, Asian physical demand is likely to... 25th October 2019 · 2 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks fell last week on the back of strong demand for both distillates and gasoline. But with stocks still comfortably above the five-year average, and the US economy set to slow further... 23rd October 2019 · 2 mins read
Energy Outlook Light at the end of the tunnel Oil prices are likely to remain subdued in the near term as the global economy continues to slow and risk aversion prevails. And while natural gas and coal prices could rise in the coming months as... 23rd October 2019 · 17 mins read
India Chart Pack Government bond yields likely to rise Local bond yields have dropped over the past few months as the Reserve Bank has continued easing monetary policy, but we think they will start rising again before long. Fiscal policy has been loosened... 23rd October 2019 · 9 mins read
Commodities Weekly Demand fears taking the reins once again Despite the much-vaunted “mini-deal” on US-China trade, most industrial commodity prices fell this week. Uninspiring activity data across major commodity consumers, notably for the US and China... 18th October 2019 · 7 mins read
Commodities Outlook Turning a corner in 2020 While there appears to be little to lift spirits in the near term, we think the macro-economic backdrop for commodity markets will turn more positive during 2020. We expect global economic growth to... 18th October 2019 · 25 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks surged last week in part because of a decline in refinery throughput. We expect further builds in stocks over the next few months as the US economy slows, which will curb gasoline... 17th October 2019 · 2 mins read
Energy Update Global crude demand to trough in early 2020 Subdued global economic activity will weigh on oil demand next year. That said, we expect GDP growth to gradually pick up over the course of the year, and new International Maritime Organization rules... 16th October 2019 · 4 mins read
Australia & New Zealand Economic Outlook RBA to cut to 0.25% and launch QE The end of the housing downturn has reduced the risk of a recession and we expect GDP growth in Australia to edge up from 1.7% this year to 2.0% in 2020. However, that’s still well below potential and... 15th October 2019 · 23 mins read
Commodities Update China commodity imports set to slow China’s commodity imports held up rather better than imports of other goods in September. However, we think import volumes will tail off in the months ahead amid faltering economic activity. 14th October 2019 · 2 mins read
Commodities Weekly Trade talk optimism could prove misguided With little in the way of major economic data releases this week, most commodity prices rose on the back of news that the US and China may agree a “mini deal” as part of ongoing trade talks. This... 11th October 2019 · 7 mins read
Commodities Update Strong US ethanol output to boost corn prices While we broadly agree with the USDA’s latest corn supply forecasts, we are more positive about demand owing to recent changes to US ethanol policy. As a result, we expect corn prices to rise in the... 11th October 2019 · 2 mins read
OPEC Watch OPEC Monthly Oil Market Report (Oct.) OPEC’s September production data were distorted by the attacks on Saudi oil facilities, but overall output remained subdued. Deeper supply cuts are likely to be discussed at OPEC’s December meeting... 10th October 2019 · 3 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks rose again last week and we suspect that they will increase further owing to ongoing refinery maintenance and the prospect of lower product demand as the US economy slows. 9th October 2019 · 2 mins read
Energy Update Turning a little more positive on oil prices in 2020 We expect that global oil supply will remain constrained in 2020. But we also forecast somewhat stronger growth in demand next year and a pick-up in risk appetite on the back of monetary easing. As a... 9th October 2019 · 3 mins read
