Commodities Weekly Prices battered, financial conditions to be in focus Commodity markets were not spared the effects of widespread turmoil in the global banking system. Most prices ended the week lower as investors fled risky assets. The gold and silver prices bucked... 17th March 2023 · 6 mins read
Commodities Update First thoughts on banking stress and commodity prices Commodity prices have tumbled as concern about a banking crisis has grown. The downside risks to our forecasts, which we recently attributed to higher interest rates, now include banking sector stress... 16th March 2023 · 2 mins read
Commodities Weekly US and China data to steer prices next week Even though US non-farm payrolls increased by 311,000 in February, the report contained signals that were consistent with slowing inflation, prompting a fall in US interest rate expectations today... 10th March 2023 · 6 mins read
Metals Demand Monitor Metals Demand Monitor (Dec.) Demand growth for industrial metals slowed to a halt at the end of last year. Even with some more recent improvements in advanced economy activity growth, metals demand probably kicked off the year on... 9th March 2023 · 2 mins read
Commodities Update Unpacking China’s NPC for commodities The National People’s Congress reports struck a cautious note on the outlook for economic activity in China this year. Fiscal stimulus will be limited and efforts to prevent “disorderly” expansion in... 8th March 2023 · 4 mins read
Commodities Update Futures Market Monitor (Mar. 2023) Most commodity prices fell and futures curves shifted lower this past month as higher interest rate expectations in advanced economies clouded the demand outlook. This is consistent with the downside... 7th March 2023 · 4 mins read
Commodities Weekly Commodity markets look to the US and China It was another fairly quiet week in commodity markets, with prices caught between diverging narratives. Rather perversely, robust economic data in advanced economies weighed on commodity prices. This... 3rd March 2023 · 6 mins read
Commodities Chart Pack Mounting downside risks to our price forecasts We think prices will drop a little further in the coming months as economic slowdowns in advanced economies weigh on commodities demand, even as China’s economic recovery takes hold. However, the... 2nd March 2023 · 13 mins read
Metals Data Response Global Steel Production (Jan.) Global steel output remained depressed in January and is unlikely to pick up markedly in the coming months. However, a rebound in China’s demand and lower power costs in Europe should prompt some... 22nd February 2023 · 2 mins read
Industrial Metals Update Europe metals supply battered, but not entirely broken The sharp fall in European electricity prices sets the stage for a recovery in metals output across the region. As power prices are still historically high and unlikely to fall that much further... 22nd February 2023 · 4 mins read
Metals Data Response Global Aluminium Production (Jan.) Global aluminium production fell slightly in January compared to December, although the bigger picture is one of fairly steady production since the middle of last year. We expect production to respond... 20th February 2023 · 3 mins read
Commodities Weekly US inflation a downside risk to our price forecasts Most commodity prices fell this week due to concerns about the persistence of high inflation in the US. Data showed US CPI inflation coming in slightly stronger than expected in January, pushing up... 17th February 2023 · 6 mins read
Industrial Metals Update The impact of civil unrest in Peru on copper Anecdotal reports and high frequency data suggest that ongoing civil unrest in Peru is beginning to choke off activity at key copper mines. But, if recent history is anything to go by, output can... 15th February 2023 · 2 mins read
Commodities Weekly All eyes on US data next week It was a fairly quiet week in commodities markets, although oil prices rose on concerns about earthquake-related disruption to exports from the Turkish port of Ceyhan and Russia’s announcement of a 0... 10th February 2023 · 6 mins read
Commodities Chart Pack Too soon for a sustainable rally We think prices will ease back in the coming months as optimism about China’s reopening is tempered and slower economic activity in advanced economies weighs on demand. However, the prospect of Fed... 3rd February 2023 · 13 mins read
Commodities Weekly Russian petroleum product exports to struggle The EU’s ban on imports of Russian petroleum products will come into force on Sunday, which could raise EU fuel prices and weigh on Russia’s product exports. However, we suspect Russia will offer... 3rd February 2023 · 6 mins read
