Industrial Metals Update Back to 2014 for nickel Indonesia’s announcement of an imminent ban on exports of nickel ore has sent nickel prices to a five-year high. While trending higher initially, we expect prices to slump next year as supply is... 3rd September 2019 · 2 mins read
Industrial Metals Update Lead price rally to go into reverse We think that a recovery in refined lead production, ailing demand, and elevated trade tensions should cause the price of lead to drop by almost 15% by end-2019. 23rd August 2019 · 3 mins read
Industrial Metals Update Copper caught up in the global malaise Copper prices are hovering near two-year lows, reflecting investor concerns about the outlook for global growth. While dwindling mine supply should put a floor under prices, deteriorating investor... 16th August 2019 · 2 mins read
Industrial Metals Update Cobalt prices to soar Glencore’s decision to temporarily close the world’s largest cobalt mine by the end of this year has given cobalt prices a shot in the arm. As a result, the price of cobalt could rally by more than 60... 13th August 2019 · 3 mins read
Industrial Metals Update Nickel’s rally is premature Nickel prices have surged in recent weeks, owing to optimism over future demand from the electric vehicle sector and speculation that Indonesia’s ban on nickel ore exports could be brought forward... 9th August 2019 · 4 mins read
Industrial Metals Update Back to normality for iron ore Iron ore prices have plunged by a sixth so far in August and we think that rebounding output and slower Chinese demand growth will mean that prices will fall by a further 20% to $80 per tonne by end... 7th August 2019 · 3 mins read
Industrial Metals Update Why the fundamentals still matter for base metals The rise of speculative investment in base metals has resulted in high levels of overall price correlation. Beyond this, copper seems to provide a fairly reliable gauge of the general direction of... 23rd July 2019 · 3 mins read
Industrial Metals Update Little to galvanise investors to buy zinc We expect refined zinc output to grow at its fastest pace for nine years in 2019 and this, combined with ailing demand, suggests zinc prices should continue to fall to our end-2019 forecast of $2,300... 12th July 2019 · 3 mins read
Industrial Metals Update Low exchange stocks not a problem, for now … As demand fears have taken centre stage, persistently low exchange stocks have stayed under the radar. We think this is unlikely to change this year. But in 2020, looser monetary conditions and rising... 11th July 2019 · 4 mins read
Industrial Metals Update The ABC of aluminium restarts We believe that the restarts at Alunorte, Becancour and in China will provide additional downward pressure on the price of aluminium. This, coupled with a weak demand backdrop, means that we expect... 8th July 2019 · 3 mins read
Industrial Metals Update Copper not to come a cropper Despite rising trade tensions and soft demand growth, we think that the price of copper will be resilient in the coming months and rally thereafter due to supply constraints. 28th June 2019 · 3 mins read
Industrial Metals Update The writing is on the wall for Chinese steel Chinese steel rebar prices have been bolstered recently by surprisingly resilient construction activity, but we expect demand to falter in the coming months and prices to fall sharply. 20th June 2019 · 1 min read
Industrial Metals Update Iron ore over $100 per tonne will prove temporary Iron ore prices have soared on the back of disruptions to supply and strong growth in demand from China’s steel sector. We think that neither will last. Consequently, we expect the price of iron ore... 14th June 2019 · 1 min read
Industrial Metals Update US-China trade war prompts cuts to our forecasts We have now factored into our forecasts a ratcheting-up of trade tensions between the US and China over the next year. Given this, we have shaved our projections for the prices of some metals. However... 11th June 2019 · 1 min read
Industrial Metals Update The US steel price bloodbath is not over yet US steel prices have tumbled by more than a third over the past year and we think that a weaker US economy, combined with rising imports, means prices should fall by a further 15% over the next year. 7th June 2019 · 1 min read
Industrial Metals Update Rare earths prices could get a shot in the arm China’s threat to restrict rare earth exports to the US has awoken the prices of rare earth elements (REE) from their slumber. While restrictions on Chinese exports to the US are unlikely to occur... 31st May 2019 · 1 min read
