Industrial Metals Update Higher stocks reflect the slowdown in China’s activity Stocks generally rose over the last month, which we think is consistent with broader macroeconomic data showing a slowdown in China’s activity in April and the recent weakness in most metals prices. 19th May 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Apr.) China’s activity and investment data for April showed clear signs of a slowdown. Given steadily tightening monetary conditions and less fiscal stimulus, we expect activity to slow further which will... 18th May 2017 · 1 min read
Commodities Chart Pack A bumpy ride for commodities The prices of many commodities had a volatile month, led by the price of oil which is being buffeted by a lack of clarity on future supply. Industrial metals prices fell sharply on renewed concerns... 2nd May 2017 · 1 min read
Industrial Metals Update China’s metals imports likely to remain subdued China’s trade data for March depict a relatively weak picture for metals demand. While in some cases imports picked up in the first quarter, we think that optimism about demand rather than strong... 25th April 2017 · 1 min read
Metals Data Response Global Steel Production (Mar.) World Steel Association (WSA) data showed a 5.7% y/y rise in global steel production in the first quarter. Output rose strongly in all regions of the world. 24th April 2017 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (Feb./Mar.) China’s refinery output picked up pace in the first quarter, encouraged by higher prices and optimism about demand. Iron ore and steel production were growing particularly strongly, but prices have... 24th April 2017 · 1 min read
India Economics Update Rupee surges to 20-month high The rally in the Indian rupee since the start of 2017 has continued in recent weeks, driving the currency to its highest rate against the US dollar in almost two years. While we doubt that the rally... 21st April 2017 · 1 min read
Metals Data Response Global Aluminium Production (Mar.) According to the International Aluminium Institute (IAI), global primary aluminium output rose by just 4.3% y/y in March, but was still up by nearly 9% in the first quarter. 20th April 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Mar.) China’s activity and investment data for March were robust and point to a strengthening of metals demand in the first quarter. However, the prospect of a steadily tightening policy environment over... 19th April 2017 · 1 min read
Industrial Metals Update Stocks edge lower There was a general drawdown of stocks over the last month, albeit on a relatively small scale. The main exception was inventories of tin, which have fallen by nearly 25% in the last four weeks... 11th April 2017 · 1 min read
Metals Chart Pack Metals prices still holding on There were some signs of fading investor enthusiasm for industrial metals last month. Although January-February economic data out of China were encouraging, the shift in timing of the Lunar New Year... 5th April 2017 · 1 min read
Commodities Chart Pack A month of two halves After a weak start to the month, the prices of both gold and oil subsequently rebounded, despite the Fed’s decision to hike interest rates. The accompanying dovish statement lowered expectations of... 3rd April 2017 · 1 min read
Industrial Metals Update Investors turn more bearish on metals Sentiment towards metals has soured somewhat over the past few weeks. We think that, in some cases valuations still look stretched, given prospects for further monetary tightening in the US and softer... 29th March 2017 · 1 min read
Metals Watch How will input costs affect aluminium prices? There are many drivers of the price of aluminium, including demand, supply and investor sentiment. However, in this Metals Watch, we are going to focus on the supply-side. In particular, we are going... 27th March 2017 · 1 min read
Industrial Metals Update Is there really a shortage of zinc? The price of zinc has climbed higher since the start of 2017 on expectations that strong demand coupled with dwindling supply, following last year’s output cuts and mine closures, would lead to a... 24th March 2017 · 1 min read
Industrial Metals Update China’s metals imports sink China’s metals imports appear to have started the year on a soft note. Higher prices might have deterred purchases but we think that, in some cases, demand has also been sluggish. That said, we are... 23rd March 2017 · 1 min read
