Industrial Metals Update Higher stocks reflect the slowdown in China’s activity Stocks generally rose over the last month, which we think is consistent with broader macroeconomic data showing a slowdown in China’s activity in April and the recent weakness in most metals prices. 19th May 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Apr.) China’s activity and investment data for April showed clear signs of a slowdown. Given steadily tightening monetary conditions and less fiscal stimulus, we expect activity to slow further which will... 18th May 2017 · 1 min read
Industrial Metals Update China’s metals imports likely to remain subdued China’s trade data for March depict a relatively weak picture for metals demand. While in some cases imports picked up in the first quarter, we think that optimism about demand rather than strong... 25th April 2017 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (Feb./Mar.) China’s refinery output picked up pace in the first quarter, encouraged by higher prices and optimism about demand. Iron ore and steel production were growing particularly strongly, but prices have... 24th April 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Mar.) China’s activity and investment data for March were robust and point to a strengthening of metals demand in the first quarter. However, the prospect of a steadily tightening policy environment over... 19th April 2017 · 1 min read
Industrial Metals Update Stocks edge lower There was a general drawdown of stocks over the last month, albeit on a relatively small scale. The main exception was inventories of tin, which have fallen by nearly 25% in the last four weeks... 11th April 2017 · 1 min read
Industrial Metals Update Investors turn more bearish on metals Sentiment towards metals has soured somewhat over the past few weeks. We think that, in some cases valuations still look stretched, given prospects for further monetary tightening in the US and softer... 29th March 2017 · 1 min read
Industrial Metals Update Is there really a shortage of zinc? The price of zinc has climbed higher since the start of 2017 on expectations that strong demand coupled with dwindling supply, following last year’s output cuts and mine closures, would lead to a... 24th March 2017 · 1 min read
Industrial Metals Update China’s metals imports sink China’s metals imports appear to have started the year on a soft note. Higher prices might have deterred purchases but we think that, in some cases, demand has also been sluggish. That said, we are... 23rd March 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Jan./Feb.) China’s activity and investment data for the first two months of the year point to robust metals demand. However, we are wary that this may represent the high point of 2017, given signs of a steadily... 14th March 2017 · 1 min read
Industrial Metals Update Soaring copper stocks reflect waning investor optimism The big story this month is an unexpected surge in LME copper stocks, which appears to be related to investors closing long positions in the futures market. At the same time, China’s exchange stocks... 10th March 2017 · 1 min read
Industrial Metals Update Investors remain positive, for now Optimism about demand, fuelled by a pick-up in China’s activity data and the prospect of fiscal stimulus in the US, continues to buoy investor sentiment in the industrial metals markets. However... 24th February 2017 · 1 min read
Industrial Metals Update A weak start to the year for China’s metals imports China’s metals imports were broadly weak in January. This is in line with the most recent activity data which show that the Chinese economy, while still holding up well, may have lost some momentum in... 24th February 2017 · 1 min read
Industrial Metals Update Stocks continue to build in China China’s exchange stocks have soared since the start of the year on a combination of optimism about demand and concerns about supply. 16th February 2017 · 1 min read
Industrial Metals Update Why are we so negative on the outlook for iron ore prices? High prices are spurring iron ore production at a time when we think demand will start to slow. As such, the recent rally in prices appears unsustainable. 15th February 2017 · 1 min read
Industrial Metals Update Uncertain ore supply to support nickel prices Nickel ore supply is likely to fall this year which underpins our forecast of a rise in refined nickel prices. But the scale of any rally will be constrained by high prevailing stocks. 13th February 2017 · 1 min read
