Metals Chart Pack Precious outperform base After strong gains in September, most base metals prices fell in the past month, as global growth concerns made investors more risk averse. Against this backdrop, precious metals generally gained... 6th November 2018 · 1 min read
Commodities Chart Pack Sugar on a real high, but oil prices slump Commodity prices, including oil, fell on concerns about softer economic growth and some appreciation of the US dollar. We expect a weaker demand outlook to continue to weigh on the prices of the more... 1st November 2018 · 1 min read
Industrial Metals Update Stocks to rise in 2019 Total exchange stocks for most industrial metals have declined year-to-date with cancelled warrants up in most cases, which implies strong demand. The major exception is tin. In 2019, we expect a... 31st October 2018 · 1 min read
Industrial Metals Update Lead and aluminium differentials shouldn’t last The price of aluminium in Shanghai has been appreciably lower than on the LME for much of this year, while the reverse has been true for lead prices. Neither is sustainable and we think that global... 30th October 2018 · 1 min read
Metals Outlook Precious metals to outshine industrials in 2019 An economic slowdown in China and less severe cuts to Chinese capacity should lead to lower industrial metals prices over the next year. In contrast, precious metals prices should gain from safe-haven... 26th October 2018 · 1 min read
Metals Data Response Global Steel Production (Sep.) Growth in global steel production accelerated in September to 4.4% y/y, with mills ramping up in China and the US buoyed by healthy margins in both countries. We expect winter production cuts in China... 24th October 2018 · 1 min read
Metals Data Response Global Aluminium Production (Sep.) Global aluminium output in January-September was only slightly higher than a year ago as production gains in the US, India and the Gulf states have been offset by lower output in China and Europe. We... 22nd October 2018 · 1 min read
Commodities Weekly Politics and policy may take centre stage Commodity markets will have little in the way of relevant data to focus on next week. Instead, prices are likely to be driven more by developments on the political and policy fronts. The case of the... 19th October 2018 · 1 min read
Commodities Outlook Hard to be positive on 2019 Our forecast of slower global growth next year points to weaker growth in commodities demand and lower prices. Of course, the prices of many non-oil commodities have already fallen sharply this year... 19th October 2018 · 1 min read
Industrial Metals Update Weak auto sales signal lower metals prices ahead Automobile demand has been sluggish for several months in China. This will weigh on demand for most metals and lead to lower prices too, especially for platinum group metals (PGMs) prices. 18th October 2018 · 1 min read
Commodities Weekly China will be back in the spotlight The focus of commodity markets next week is likely to be the raft of data out of China, culminating in Q3 GDP and September industrial output and investment spending on Friday. The September data, in... 12th October 2018 · 1 min read
Commodities Update China’s commodity imports holding up well The solid growth in China’s commodity import volumes appears at odds with data pointing to softer economic activity. As such, we expect import volumes to turn down in the coming months. 12th October 2018 · 1 min read
Industrial Metals Update Chinese steel prices set to tumble Supply concerns have led to a rise in Chinese steel prices this year. However, weaker growth in demand at a time of rising production suggests that prices will fall back sharply in 2019. 11th October 2018 · 1 min read
Industrial Metals Update Five key questions for LME Week With LME Week starting today, it appears an opportune time to review the main discussion points that will be the hot topics at this seminal event in the metals calendar, and to share our views on them... 8th October 2018 · 1 min read
Metals Chart Pack Demand weakness means rally is on borrowed time Metal prices rebounded strongly in September, in a relief rally, as the latest round of US-Chinese tariffs were lower than initially feared. However, slower growth in Chinese manufacturing and the... 5th October 2018 · 1 min read
Commodities Weekly Oil is losing touch with reality The latest leg-up in the oil price, to around $85 per barrel, was fuelled by persistent fears of a supply shortfall. However, we remain of the view that the market’s worst fears will not be realised... 5th October 2018 · 1 min read
