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
Metals Data Response Global Aluminium Production (Oct.) Rising Asian output explains most of the surge in global aluminium production in October and fewer cutbacks in China and restarts in North America should ensure strong y/y supply growth in the coming... 20th November 2018 · 1 min read
Metals Watch Iron ore prices to weaken The price of iron ore has jumped on the back of expectations of weaker anti-pollution measures in China. In this Metals Watch we explain why we think higher prices will prove short-lived. 16th November 2018 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor China’s latest activity and investment data paint a mixed picture of metals demand but we expect growth in consumption to slow until mid-2019. 15th November 2018 · 1 min read
Industrial Metals Update Lead looking for longer-term support A temporary cut in output from Nyrstar’s Port Pirie smelter will not stop lead prices falling further as auto sales are slowing and lead-acid batteries see market share eroded by electric cars. 13th November 2018 · 1 min read
Industrial Metals Update Cobalt caught in a trap We think that cobalt prices will rebound, by approximately 30%, between now and mid-2019, aided by a temporary halt to cobalt sales and exports from a major operation in the DRC. 8th November 2018 · 1 min read
Industrial Metals Update US steel prices likely to prove unsustainable We believe that the price of US steel is currently too high, despite the 25% tariff on imports, and that slower growth in demand and higher domestic supply should prompt prices to fall back in 2019. 8th November 2018 · 1 min read
