Commodities Weekly Delta variant taking centre stage Concerns surrounding the spread of the Delta variant of COVID-19 were the main driver of prices this week, but the impact on prices was far from uniform. Not surprisingly, oil prices slumped as many... 6th August 2021 · 6 mins read
Commodities US biofuel mandates unlikely to boost corn prices A decision by the Biden administration to increase US biofuel mandates in 2021 and 2022 has the potential to be a gamechanger for corn demand. However, we think that this is unlikely, which is one... 5th August 2021 · 3 mins read
Commodities Supply disruptions remain a key risk The recent bounce in commodity prices continued this week, helped by the ongoing depreciation in the US dollar and a series of risks on the supply side which are rearing their head. Most notably, a... 30th July 2021 · 6 mins read
Commodities Outlook Price rallies to give way soon to broad-based declines We think that the widespread rallies in commodity prices from their pandemic-induced lows are now close to, or in some cases already past, their peak. Most notably, we anticipate that Q3 will be as... 29th July 2021 · 2 mins read
Global Economic Outlook Pandemic rebound peaks but recovery story still intact The initial post-pandemic resurgence is nearing its zenith, but strong policy support and limited private sector debt should allow most economies to grow at a healthy pace over the next two years. The... 28th July 2021 · 45 mins read
Commodities Delta risks coming to the fore Oil prices have been on something of a round trip this week – falling at the start of the week as OPEC+ finally agreed to a new output agreement and the ongoing spread of the Delta variant fuelled... 23rd July 2021 · 6 mins read
Commodities Weekly Oil to outperform in Q3 We expect strong growth in oil demand this quarter as virus-related travel restrictions are lifted in most of the largest consuming countries. At the same time, supply will remain relatively... 2nd July 2021 · 6 mins read
India Economic Outlook Rebound underway, but relapse risks grow India’s ferocious second virus wave is subsiding as quickly as it emerged, enabling the recovery to get back on track. However, the rapid scaling back of containment measures that is underway... 1st July 2021 · 19 mins read
Commodities Weekly Rebound in prices likely to be short-lived Most commodity prices recouped some of their post-FOMC losses this week. Investor concerns surrounding Fed tightening have seemingly eased, which weighed on the dollar. At the same time, news that a... 25th June 2021 · 6 mins read
India Economics Weekly Monsoon puts a cloud over vaccine rollout The monsoon season has begun in India and the extent of the rains has a significant impact on the incomes of hundreds of millions of families given the high level of employment in agriculture. A good... 11th June 2021 · 5 mins read
Commodities Weekly OPEC+ to stand pat, for now OPEC+ is set to meet next Tuesday, when we expect the group to agree to continue with its incremental increases in production through to July. We think it unlikely that the group will address the... 28th May 2021 · 6 mins read
Commodities Update Agricultural prices have further to fall We think that the prices of wheat, corn and soybeans will decline over the next six months owing to a rebound in global supply and slower demand growth in China. 27th May 2021 · 3 mins read
Commodities Weekly Rally in metals prices looking increasingly stretched Commodity prices pushed higher yet again this week. Most notably, the seemingly unassailable climb in industrial metals prices saw the price of copper push above $10,000 per tonne for the first time... 7th May 2021 · 6 mins read
Commodities Weekly The demand outlook remains uncertain It was another good week for commodity prices, with the exception of precious metals. Somewhat better-than-expected Q1 GDP and survey data, particularly in the euro-zone, was one factor fuelling... 30th April 2021 · 6 mins read
Commodities Outlook Investor-led rally running out of road Following a spectacular rebound from pandemic-induced lows, we continue to expect that most commodity prices will be falling again by end-2021. Although growth in demand should be strong as the global... 27th April 2021 · 2 mins read
Commodities Update Corn price rally to run out of steam The ongoing revival in global demand growth together with constrained global supply means that the price of corn is likely to hold onto most of its recent gains for some time. That said, we think that... 15th April 2021 · 3 mins read
