Industrial Metals Update Restocking to galvanise US steel prices US steel prices have fallen sharply this year, despite signs of robust physical demand. Given that imports have also dropped, we expect that stocks have been drawn down. Resilient demand coupled with... 11th September 2015 · 1 min read
Industrial Metals Update What do the new Indonesian regulations mean for tin prices? Indonesia, the world’s top exporter of tin, has introduced new regulations on the production and shipping of the solder metal. On their own, the new controls are unlikely to boost prices, but they... 27th August 2015 · 1 min read
Industrial Metals Update Falling stocks may boost some metals’ prices Exchange stocks of copper remain high and have risen strongly since the start of 2015. However, stocks of other metals, notably tin and lead, are now at very low levels on a historical basis. This may... 25th August 2015 · 1 min read
Industrial Metals Update Fears, not facts, driving copper prices lower The recent slump in copper prices has more to do with investors’ fears about China’s future copperdemand, than with the reality of Chinese copper usage. As such, we would expect a sharp rebound... 19th August 2015 · 1 min read
Industrial Metals Update Why hasn’t China’s new resource tax led to higher REE prices? The costs of rare earth elements (REEs) have continued to fall despite China’s new tax regime. However, we think that it is only a matter of time before higher taxes and positive demandfundamentals... 18th August 2015 · 1 min read
Industrial Metals Update Lead and zinc markets set to tighten Subdued demand in the first half of this year meant that the lead and zinc markets were in surplus. However, with supply expected to tighten and demand to strengthen, prices should pick up from here. 18th August 2015 · 1 min read
Industrial Metals Update Will the fall in aluminium prices lead to output cuts? The sharp fall in aluminium prices this year could be expected to lead to output cuts across the industry. But with China’s production less sensitive to prices, output cuts are more likely elsewhere... 14th August 2015 · 1 min read
Industrial Metals Update Investor sentiment shows tentative signs of improvement The prices of precious metals (PMs) have fallen sharply since mid-July as sentiment towards commodities in general plummeted. A further slump in Chinese equities and unexpectedly weak Chinese PMI... 10th August 2015 · 1 min read
Industrial Metals Update Industrial metals weakness to hasten silver supply decline Silver might soon be in a shortage as low commodity prices prompt further capital expenditure cuts across primary and secondary mines. Silver is often mined as a by-product of copper, gold, zinc, and... 31st July 2015 · 1 min read
Industrial Metals Update China's refined nickel imports finally take off Prices may be plumbing new lows, but the detailed Chinese trade data are pointing to some positive trends in metal demand. In particular, the surge in nickel imports in June suggests that the domestic... 21st July 2015 · 1 min read
Industrial Metals Update Making the case for tin Tin demand is expected to pick up after a weak start to this year, but the main case for higher tin prices lies in a tightening supply profile. We expect ore exports from Myanmar to slip in the second... 16th July 2015 · 1 min read
Industrial Metals Update Limited scope for further falls in prices Over the past month, precious metal (PM) prices have slumped as the correction in equity prices in China damaged confidence in global commodity markets while investors shrugged off the threat that... 16th July 2015 · 1 min read
Industrial Metals Update What next for iron ore? After plummeting last week, iron ore prices have stabilised at around $50 per tonne. However, there appears to be little to support prices given that we expect a contraction in China’s steel output... 13th July 2015 · 1 min read
Industrial Metals Update Metals prices to recover, despite headwinds We remain broadly positive on the outlook for most industrial metals prices in 2015-16 as we expect demand to pick up in the second half of this year and believe that some metals in particular may... 8th July 2015 · 1 min read
Industrial Metals Update Stocks tread water in June Exchange stocks of some base metals are at very low levels and could be a factor boosting prices later in the year. However, stocks of copper and aluminium, in particular, remain high and will act as... 7th July 2015 · 1 min read
Industrial Metals Update The only way is up for nickel prices The price of nickel has fallen by nearly 10% from last Friday, despite early signs of a pick-up in globalnickel demand. Given that we expect supply to become more constrained in the second half of... 30th June 2015 · 1 min read
