Metals Data Response Global Aluminium Production (Dec.) European smelter closures and a further reduction in output at the Bécancour smelter in Canada saw global production growth plummet m/m in December. However, with cost pressures easing and smelters... 21st January 2019 · 1 min read
Industrial Metals Update Copper prices to stand firm this year Subdued levels of supply growth combined with increasing global demand will ensure that copper remains in a substantial market deficit and that prices will hold up well in 2019. 18th January 2019 · 1 min read
Industrial Metals Update Lower costs, lower prices for aluminium in 2019 We think aluminium prices will drop from around $1,865 per tonne at present to $1,750 by end-2019 due to rising output and falling costs at a time of sluggish demand. 18th January 2019 · 1 min read
Industrial Metals Update Weaker demand to weigh on Chinese imports After strong growth in 2018, we think that China’s imports of most industrial metals will be softer in 2019, reflecting slower economic growth and weaker domestic demand. 9th January 2019 · 1 min read
Metals Chart Pack Gold to remain the star performer We suspect that there will be further falls in industrial metals prices as global economic growth slows and investors continue to flee from riskier assets. That said, economic and financial... 4th January 2019 · 1 min read
Metals Data Response Global Aluminium Production (Nov.) Closures of Chinese smelters in December mean that November’s sharp increase in global aluminium production will not be repeated. Consequently, the recent surge in stocks could start to unwind. 20th December 2018 · 1 min read
Industrial Metals Update The electric vehicles boom won’t boost nickel in 2019 In recent months, the price of nickel has plummeted as investor sentiment has waned on concerns about demand. We think that prices will drop in 2019 as growth in global supply remains strong and... 17th December 2018 · 1 min read
Commodities Weekly Little festive cheer for commodities The prices of most commodities, including oil, traded in a narrow range this week, at least until Friday when weak economic data out of China prompted a synchronised fall in prices. We suspect that... 14th December 2018 · 1 min read
Industrial Metals Update Zinc futures are right to be in backwardation The price of zinc has fallen sharply since June but what is more remarkable is that the futures curve has shifted into a steep backwardation. We forecast that zinc prices will continue to drop in 2019... 12th December 2018 · 1 min read
Industrial Metals Update No respite in sight for plummeting Chinese steel prices Chinese steel prices have slumped recently but with demand set to be weak over the coming months and less stringent pollution controls, we expect steel prices to drop by a further 20% over the next... 11th December 2018 · 1 min read
Commodities Update Domestic weakness in China curbs commodity imports China’s commodity import volumes softened last month, underpinning our view that slower growth in the broader economy will take its toll on China’s commodity demand and prices. The only exception was... 10th December 2018 · 1 min read
Metals Chart Pack Slowing Chinese growth does not bode well for prices Steel and iron ore prices fell precipitously in November, as the reality of slowing Chinese demand growth finally filtered through into softer prices. We think that global demand will continue to... 5th December 2018 · 1 min read
Industrial Metals Update Tin demand battling to soldier on Despite dropping to a multi-year low recently, we think that tin prices will fall further over the next year as Chinese demand falters. However, this should mark a turning point for the tin price, not... 29th November 2018 · 1 min read
Commodities Update Oil and industrial metals to struggle in 2019 The recent oil price crash has led some to ask if contagion might spread across commodities. However, the decline largely represented a catch-up with base metals and we think the latest drops may... 27th November 2018 · 1 min read
Metals Data Response Global Steel Production (Oct.) Growth in global steel output accelerated in October to 5.8% y/y, but we expect it to slip back in the coming months as Chinese steel prices have slumped and there are mounting signs of weaker demand. 23rd November 2018 · 1 min read
Industrial Metals Update Investors are right to be bearish We think that the prices of industrial metals will drop in 2019, in part because we expect investor sentiment to remain weak owing to slower economic growth in China and the US. 20th November 2018 · 1 min read
