Industrial Metals Update

Copper price upsurge will not be sustained

The surge in copper prices today, to a record high of over $5/lb in trading on the New York commodities exchange (COMEX), is the latest twist in the eye-popping market rally and leaves prices looking...

15th May 2024 · 2 mins read

Commodities Update

Your latest commodities questions answered

We held an online Drop-In session last week to discuss geopolitical risk and the commodities price outlook. This Update answers several of the questions that we received.

10th May 2024 · 7 mins read

Industrial Metals Update

Zinc on the brink of a price fall

The surplus in the zinc market will shrink a little this year, as recovering raw material supply and a pick-up in refined output is offset by a boost to demand from a cyclical recovery in China. That...

9th May 2024 · 3 mins read

Commodities Chart Pack

Commodities Overview Chart Pack (May 2024)

We think that oil prices have further to fall, as we expect OPEC+ to gradually increase output later this year. Prices have recently fallen as worries that the conflict in the Middle East could affect...

8th May 2024 · 1 min read

Metals Chart Pack

Metals Chart Pack (May 2024)

Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. The strong rally in industrial metals prices seems stretched and, as a result, we expect prices to...

7th May 2024 · 1 min read

Commodities Update

China PMIs point to solid but unremarkable demand

China’s PMI surveys for April suggest the economy continues to grow at a faster pace than a few months ago which is providing support for commodity demand. Today’s Politburo statement signalled that...

30th April 2024 · 2 mins read

Commodities Weekly

Metals prices: a genuine breakout or overoptimism?

In a mixed week for commodity prices, copper topped $10,000 per tonne for the first time since April 2022. This is the latest in what has been a rip-roaring start to the year for non-ferrous...

26th April 2024 · 4 mins read

Event

Commodities Drop-In: Geopolitical risk and the commodities price outlook

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Geopolitical risk may be ever-present in global commodity markets, but it’s arguably been an even bigger driver over the past year or so.

Commodities Focus

Fed rate cuts won’t send commodity prices soaring

The latest US CPI data may have dashed hopes of interest rate cuts as early as June, but looser monetary policy is still firmly on the cards late this year and over the course of next year. Lower...

16th April 2024 · 12 mins read

Industrial Metals Update

Further falls in store for iron ore amid falling demand

This year’s falls in iron ore prices are likely to have been a dress rehearsal for what's ahead. Our China team’s forecast for the property sector to halve by the end of the decade does not bode well...

16th April 2024 · 4 mins read

Industrial Metals Update

Russian metal ban won’t rock the boat

We think that any impact from the suspension of trading of Russian metal on the LME and CME is likely to be muted, given that trade flows have already shifted markedly and it is unlikely to impact...

15th April 2024 · 2 mins read

Commodities Weekly

Precious metals rise again; gas markets unstable

The stronger-than-expected US CPI data for March may have sent the dollar and Treasury yields higher but commodity prices largely shrugged off the news. Indeed, precious metals rose strongly this week...

12th April 2024 · 6 mins read

Commodities Update

A firm start to the year for China’s commodity imports

China’s energy and industrial metal imports were generally strong in the first quarter. We expect them to hold up well in the coming months as fiscal stimulus continues to support construction...

12th April 2024 · 4 mins read

Industrial Metals Update

China property contraction to hit metals prices hard

In light of our China team’s new non-consensus view that an aggressive slowdown in property sector construction seems almost inevitable in the years ahead, we have revised our price forecasts. We now...

10th April 2024 · 4 mins read

Industrial Metals Update

US steel prices on shaky foundations

US steelmakers are preparing for robust growth in steel demand over the next few years, however we think those expectations will fall flat. Steel demand from property construction is likely to fall...

5th April 2024 · 3 mins read