Industrial Metals Update Supply fears to give way to weaker demand for copper Supply fears stemming from the war in Ukraine and risks to mine output in Latin America have pushed up the copper price. But we expect a recovery in supply and ongoing weakness in Chinese demand to... 12th April 2022 · 3 mins read
Commodities Weekly Prices to remain buffeted by headwinds and tailwinds Last week, we suggested that the downside risks to prices were building, and these came to the fore in the past week with particularly hawkish US Fed minutes published on Wednesday and ongoing COVID... 8th April 2022 · 6 mins read
Commodities Chart Pack War in Ukraine to continue to dictate prices for now Commodity prices remain extremely volatile owing to the uncertainty stemming from the ongoing war in Ukraine, and we doubt that they will find a clear direction anytime soon. However, assuming the war... 5th April 2022 · 12 mins read
Commodities Weekly Downside risks to prices are building Signs of weaker demand in China in the latest PMI data and the announcement that the US will sell off a large chunk of its strategic oil reserve suggest that the downside risks to commodity prices are... 1st April 2022 · 6 mins read
Commodities Update China demand will still be key in driving metal prices The war in Ukraine and high energy prices will keep industrial metal prices elevated for now. But once supply fears ease, the weakness in China’s demand will be exposed and will weigh on prices. 1st April 2022 · 3 mins read
Commodities High volatility to persist while war rages on Commodity prices are as volatile as they’ve ever been. We don’t think volatility will ease until the war in Ukraine ends, because only then will we know the true extent of the Russia-related supply... 31st March 2022 · 2 mins read
Industrial Metals Update European steel prices to remain high for some time yet We expect European steel prices to remain elevated this year given sharply higher production costs and disruption caused by lower imports from Russia and Ukraine. That said, prices should ease back... 28th March 2022 · 4 mins read
Commodities Weekly Countless risks hanging over commodity markets Taking the lead from energy, most commodity prices rose this week as hopes of an imminent ceasefire in Ukraine faded and Western leaders met to consider further sanctions on Russia. Meanwhile, Putin’s... 25th March 2022 · 6 mins read
Metals Data Response Global Steel Production (Feb.) Global steel production fell in y/y terms in February, driven by a double-digit contraction in China. Our expectation is that high energy costs and softer construction-led demand growth in China will... 22nd March 2022 · 2 mins read
Metals Data Response Global Aluminium Production (Feb.) High power prices in Europe continued to cause production curtailment in February but there were signs of a rebound in China’s production. Looking ahead, we expect supply to remain constrained for now... 21st March 2022 · 2 mins read
Commodities Weekly Volatility to linger in commodity markets Commodity prices remained extremely volatile this week. After all the supply fears associated with the war on Ukraine, a rising number of COVID-19 cases in China raised concern about both demand and... 18th March 2022 · 6 mins read
Commodities Weekly Still a bumpy road ahead for commodity prices The seemingly unstoppable rise in commodity prices gave way to sharp corrections this week, though the big picture is that prices remain extremely elevated. We suspect commodity prices will continue... 11th March 2022 · 6 mins read
Industrial Metals Update High energy prices could pull plug on metals supply The high cost of energy will continue to support metals prices due to the energy-intensive nature of metal refining. If energy prices continue to climb and power rationing is introduced, we expect... 11th March 2022 · 3 mins read
Commodities Weekly Prices could rise further Although many commodity prices are already back to levels last seen in 2008, there is still scope for prices to rise further if Western sanctions are extended to cover energy commodities. (At the end... 4th March 2022 · 6 mins read
Industrial Metals Update Sanctions on Russia to keep nickel price elevated Restrictions on Russian trade will probably lead to lower nickel supply and keep prices elevated. As a result, we have raised our nickel price forecast, despite a relatively subdued outlook for demand... 28th February 2022 · 2 mins read
Commodities Weekly Prices to stay higher for longer We have raised most of our commodity price forecasts this week to account for Russia’s invasion of Ukraine and the heightened risk of disruption to commodity supply. Given that Russia is a leading... 25th February 2022 · 6 mins read
