Industrial Metals Update China’s economic activity boom to support prices The rapid bounce-back in construction and industrial activity in China, reflected in our revamped China Activity Proxy, looks set to continue in the coming months as additional fiscal support is... 22nd September 2020 · 2 mins read
Industrial Metals Update US steel price to make further gains The price of US steel has surged recently, and we think that the price will continue to rise in the year ahead as demand picks up at a time of constrained supply. 15th September 2020 · 3 mins read
Industrial Metals Update Iron ore price rally to peter out in 2021 A combination of strong demand from China and a slow recovery in global production from its virus-related trough means that the price of iron ore is likely to remain elevated for the remainder of this... 11th September 2020 · 3 mins read
Commodities Update Staying positive on industrial metals Most industrial metals prices are now above their pre-virus levels, after rallying from their March lows. We reckon that the price rebound has further to go, as China’s impressive economic revival... 10th September 2020 · 3 mins read
Industrial Metals Update Still plenty of reasons to be positive on nickel We expect the price of nickel to make further gains between now and the end of 2021. The ongoing rise in the production of stainless steel in China will be the main factor supporting demand, while the... 14th August 2020 · 4 mins read
Industrial Metals Update Zinc rally getting a little ahead of itself Last week saw the zinc price return to its pre-pandemic level, making it the second in the S&P of Industrial Metals to do so after copper. But unlike copper, we expect the zinc market to remain... 6th August 2020 · 4 mins read
Industrial Metals Update China’s imports illustrate impact of supply on prices The latest China import data tally with our view that constrained supply will help to push the prices of most base metals higher. Conversely, the surge in iron ore shipments is consistent with our... 3rd August 2020 · 2 mins read
Industrial Metals Update Copper rally not entirely divorced from reality At face value, the rally in the copper price to above its pre-virus level suggests that the coronavirus pandemic has led to an overall improvement in the metal’s fundamental outlook. While a little... 17th July 2020 · 4 mins read
Industrial Metals Update New LME data confirm aluminium stockpile overhang New data released by the London Metal Exchange (LME) confirm our view that there has been an increase in off-exchange stocks this year, particularly for aluminium. Admittedly, there are limitations to... 16th July 2020 · 3 mins read
Industrial Metals Update Still hard to be positive on lead in the long run We recently raised our price forecasts for base metals, including lead, as we now forecast a quicker economic rebound in China. And though we expect lead’s near-term price recovery to be driven by... 8th July 2020 · 3 mins read
Industrial Metals Update Chinese imports add to evidence of stronger demand China’s import data are another sign that demand is bouncing back in the world’s largest metal consumer. However, in some cases, a lack of supply is restricting shipments. This is likely to become... 30th June 2020 · 2 mins read
Industrial Metals Update US-Canada aluminium spat could worsen oversupply Reports that the US is considering rescinding Canada’s exemption to its 10% tariff on aluminium this week are unlikely to have much of an impact on the metal’s price. But such moves have the potential... 24th June 2020 · 3 mins read
Industrial Metals Update A minor star called tin We have turned more positive on the outlook for the price of tin. China’s demand is coming back strongly after a virus-related slump and, in the more medium-term, tin will benefit from its heavy use... 19th June 2020 · 4 mins read
Industrial Metals Update Turning more positive on base metals We think that the recovery in equity prices has further to run, and now expect an even swifter economic rebound in China. Accordingly, we have raised our base metal price forecasts, which now show a... 18th June 2020 · 3 mins read
Industrial Metals Update Oversupply is far worse than exchange stocks suggest Exchange stocks are best used to judge the breadth of the downturn in metal demand, rather than the depth. With that in mind, we think that exchange stocks will help to tell us when demand for metal... 3rd June 2020 · 4 mins read
Industrial Metals Update Are China’s smelters starting to struggle? So far, there is only limited evidence that a lack of raw material is constraining output at Chinese smelters. But we think that will change in the months ahead. In our view, output is still most... 29th May 2020 · 5 mins read
