Industrial Metals Update Stocks of most metals edge lower Total exchange stocks of most industrial metals have fallen over the past month, but cancelled warrants have in most cases also declined which points to lacklustre demand. We expect inventories to... 18th April 2018 · 1 min read
Industrial Metals Update Russian sanctions’ boost to aluminium to be short-lived The sanctions on Russian producer, Rusal, are likely to support aluminium prices in the short term. However, Russian output is unlikely to collapse. What’s more, higher prices will encourage... 12th April 2018 · 1 min read
Industrial Metals Update Subdued demand to weigh on copper The price of copper has already fallen back sharply but we think this is more about heightened geopolitical risk than fundamentals. The price may revive in the near term if risks start to fade, but... 3rd April 2018 · 1 min read
Industrial Metals Update China’s imports start the year on a strong note Although China’s imports of most metals rose strongly in the first two months of 2018, other indicators imply weaker domestic demand, which could lead to lower volumes in the coming months. 26th March 2018 · 1 min read
Industrial Metals Update Is the DRC’s new mining code a threat to EVs? The Democratic Republic of Congo (DRC)’s decision to hike royalties on cobalt mining represents a threat to the electric vehicle industry and could accelerate the ongoing substitution with cheaper... 23rd March 2018 · 1 min read
Industrial Metals Update Zinc’s rally looks rusty Robust demand and constrained supply have pushed the price of zinc higher over the past year. But fundamentals have deteriorated sharply in recent months and point to substantially lower prices ahead. 22nd March 2018 · 1 min read
Industrial Metals Update Rising copper stocks point to subdued demand There have been some big jumps in stocks of copper, aluminium and zinc since the start of 2018, but inventories of the other base metals have fallen slightly. Given that we expect demand to soften... 14th March 2018 · 1 min read
Industrial Metals Update What do US tariffs mean for steel & aluminium? President Trump’s tariffs on imports of steel and aluminium are likely to be a bigger deal for the price of US steel than aluminium. But US steel prices have already surged, which coupled with higher... 9th March 2018 · 1 min read
Industrial Metals Update Lead to remain under pressure Dwindling mine supply and, more recently, strong winter demand for car replacement batteries have given a boost to the price of lead. However, demand is weakening which, coupled with increasing... 8th March 2018 · 1 min read
Industrial Metals Update Rising supply should boost stocks in 2018 Stocks of copper and aluminium have risen strongly since the start of 2018, but inventories of the other base metals have fallen. Supply was tight in the smaller markets last year, but it is now... 23rd February 2018 · 1 min read
Industrial Metals Update Investors become less positive on metals There are early signs that investor sentiment in the metals markets is deteriorating, although more so for industrial metals than precious. Some of the technical indicators that we monitor have... 22nd February 2018 · 1 min read
Industrial Metals Update US tariffs on steel and aluminium appear inevitable The price of US steel has already benefited from the prospect of heightened protectionism in the US. Indeed, prices could actually fall back if President Trump decides to moderate his actions to... 19th February 2018 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Dec.) China’s activity and investment held up well in December, although growth was markedly slower than earlier in the year. We expect the slowdown to continue in the coming months. 19th January 2018 · 1 min read
Industrial Metals Update Stock movements point to a tighter zinc market A surge in cancelled warrants on LME stocks can explain some of the rally in the price of zinc. That said, inventories of most other metals have risen over the last month, suggesting markets are amply... 15th January 2018 · 1 min read
Industrial Metals Update Aluminium still in comfortable supply Aluminium production in China is likely to continue to fall over the next few months as the Chinese authorities impose output cuts. While this would give the impression of a tighter market, Shanghai... 5th January 2018 · 1 min read
Industrial Metals Update Lower stocks justify some of the strength in prices Total exchange stocks of most metals fell in 2017 on a combination of constrained supply and solid growth in China’s demand in the first half of the year. We expect stocks to build over the course of... 18th December 2017 · 1 min read
