Industrial Metals Update China Metal Output Monitor China increased its output of most refined metals in the first eight months of the year. The main exceptions were zinc and nickel. 20th September 2017 · 1 min read
Industrial Metals Update Stock data at odds with prices There has been a dramatic drawdown of Shanghai lead inventories in the last month and a surge in LME copper stocks in the last week. Otherwise, total stock movements have been relatively subdued, with... 18th September 2017 · 1 min read
Industrial Metals Update Investor sentiment could be about to turn Sentiment towards metals remained broadly positive in Q3 as the prospect of capacity cuts in China later in the year supported industrial metals prices whilst heightened geopolitical risks buoyed... 15th September 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Aug.) China’s August activity and spending data suggest that the slowdown that started in July continued into August. In particular, a downturn in infrastructure spending does not bode well for metals... 14th September 2017 · 1 min read
Metals Data Response South Africa’s Mine Production (Jul.) The weak July data for South Africa’s PGM mine output add to evidence that the market is tightening. We expect output to remain soft in the remainder of the year. 7th September 2017 · 1 min read
Industrial Metals Update Still cautious on copper … A combination of investor optimism about future demand, the depreciation of the dollar and disruptions to mine supply have been the key drivers of this year’s rally in the price of copper. But, in our... 5th September 2017 · 1 min read
Commodities Weekly Metals on a roll The prices of most commodities – notably industrial metals – rose this week. While fundamentals have been supportive, we think that the most recent rallies in prices have been exaggerated by... 25th August 2017 · 1 min read
Metals Data Response Global Steel Production (Jul.) World Steel Association (WSA) data showed a 4.6% y/y rise in global steel production in January-July, with output rising in all major producers bar Japan. 24th August 2017 · 1 min read
Industrial Metals Update Investors exaggerate move in metals prices Whilst fundamentals have played a role in the most recent rallies in industrial metals, we think that speculative activity has exacerbated the move up in prices. In some cases – notably copper –... 24th August 2017 · 1 min read
Industrial Metals Update No shortage of tin now! The ongoing surge in ShFE tin stocks was the main story in the last month. In fact, inventories of most ShFE metals have risen in the last four weeks, while stocks of nearly all the LME metals have... 23rd August 2017 · 1 min read
Metals Data Response Global Aluminium Production (Jul.) According to the International Aluminium Institute (IAI), global primary aluminium output rose by just 1% y/y last month, down from 7.1% y/y a month earlier. 21st August 2017 · 1 min read
Commodities Weekly Speculators give a boost to industrial metals prices The performance of commodities was mixed this week. Softer Chinese activity and construction data for July did little to cool the rally in industrial metals prices whilst increasing geopolitical risks... 18th August 2017 · 1 min read
Industrial Metals Update Iron ore’s last hurrah? The price of iron ore has staged an impressive rally since late June, fuelled by a combination of strong growth in China’s steel output and speculative activity. However, with steel demand and... 15th August 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Jul.) China’s July activity and investment data showed a marked downturn and reversed most of the gains recorded towards the end of the second quarter. We had always expected policy tightening to translate... 14th August 2017 · 1 min read
Industrial Metals Update Zinc rally to fade towards year-end After falling at the start of the year, robust demand and constrained supply have pushed the price of zinc higher in recent months. The strength in prices is likely to persist over the next couple of... 10th August 2017 · 1 min read
Commodities Weekly Better economic news boosts industrial commodities A sharp rise in China’s July manufacturing PMI boosted the prices of most commodities last week, but we don’t think that the upturn in China’s economic activity will be sustained, given the increasing... 4th August 2017 · 1 min read
