Industrial Metals Update Stocks were on the move in January There have been some large moves in stocks, notably in Shanghai, over the last month. Stockbuilding was evident in China which may have been a symptom of weak demand, but we think it is more likely to... 2nd February 2017 · 1 min read
Industrial Metals Update Global Steel Production (Dec. & 2016) After a weak start to the year, global steel production recovered and was growing briskly at 5.5% y/y in December, encouraged by high prevailing prices. In our view, the steel market is more than... 25th January 2017 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (Nov./Dec.) China’s refinery output continued to grow in December, encouraged by higher prices and signs of a more general revival in the economy. However, we think optimism about demand will fade over the course... 24th January 2017 · 1 min read
Industrial Metals Update China’s metals imports reflect mine supply trends The pattern of China’s trade in industrial metals and ores in 2016 was determined in part by trends in global mine supply. Lower mine output of some ores was a factor curbing imports, but higher US... 23rd January 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Dec.) China’s activity data for December show the economy finishing the year on a strong note. That said, there were signs of somewhat slower growth in output last month and the downturn in state-led... 20th January 2017 · 1 min read
Industrial Metals Update Mixed picture for metals stocks in 2016 Aside from a 14% m/m jump in copper inventories, there haven’t been any big changes in stocks over the past month. However, the year-to-date picture is more mixed, with the aluminium, tin and zinc... 15th December 2016 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Nov.) China’s activity data for November painted a positive picture for metals demand. However, there are signs of a slowdown in the all-important construction sector which, coupled with official efforts to... 14th December 2016 · 1 min read
Industrial Metals Update Stocks continue to dwindle It has been a quiet month for stock movements, with the exception of copper. However, the drop in LME copper stocks and surge in Shanghai inventories can be largely explained by price arbitrage... 29th November 2016 · 1 min read
Industrial Metals Update Weakness in China’s metals imports could prove temporary China’s metals imports remained subdued in October as higher dollar prices and some further depreciation of the renminbi weighed on volumes. 25th November 2016 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (Sep./Oct.) China’s refinery output continued to grow in October, bolstered by rising prices. However, we think producers are overestimating demand, in which case production could fall back in coming months. 21st November 2016 · 1 min read
Industrial Metals Update Trump victory proves divisive Industrial metals prices were already rising ahead of Donald Trump’s election to the US Presidency, but his victory appeared to provide new grounds for optimism as markets focussed on his plans for... 17th November 2016 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Oct.) China’s industrial production held steady in October, but metals-intensive sectors continued to do well and there was a sharp rebound in construction starts. That said, our analysis suggests that the... 14th November 2016 · 1 min read
Industrial Metals Update A note of caution on the rally in copper prices Yesterday, the US dollar price of copper shrugged off the uncertainty created by the surprise victory for Donald Trump in the US Presidential election and rose by another 3%. But while the... 10th November 2016 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Sep.) Although the broad measure of China’s industrial production eased back in September, metals-intensive sectors continued to do well. However, we would caution that the recent rallies in the prices of... 27th October 2016 · 1 min read
Industrial Metals Update Another weak month for China’s metals imports China’s metals imports remained weak in September as higher prices, supply constraints and stronger domestic output weighed on volumes. 25th October 2016 · 1 min read
Industrial Metals Update A bright future for cobalt prices We have been positive on the outlook for cobalt prices for some time now but, if anything, prospects are continuing to improve. Ongoing concerns over artisanal mining in the DRC and strong demand from... 25th October 2016 · 1 min read
