Latin America Economics Update Peru: 2016 likely to be as good as it gets for the economy Peru’s economy is likely to weaken in 2017 as the one-off boost from a surge in copper production fades and a gradual tightening of policy weighs on the non-mining sector. After expanding by 3.9% in... 1st March 2017 · 1 min read
Commodities Chart Pack Commodities hold on to their gains, despite uncertainty Most commodity prices traded in a narrow range last month, in the absence of clarity on developments in China (owing to the Lunar New Year Holiday) and on US policy direction. That said, the price of... 1st March 2017 · 1 min read
Commodities Weekly Commodities still looking for direction Commodity prices were broadly unchanged this week, aside from a few notable exceptions. Cobalt was the star performer as concerns about supply and expectations of strong demand led to a surge in... 24th February 2017 · 1 min read
Industrial Metals Update Investors remain positive, for now Optimism about demand, fuelled by a pick-up in China’s activity data and the prospect of fiscal stimulus in the US, continues to buoy investor sentiment in the industrial metals markets. However... 24th February 2017 · 1 min read
Industrial Metals Update A weak start to the year for China’s metals imports China’s metals imports were broadly weak in January. This is in line with the most recent activity data which show that the Chinese economy, while still holding up well, may have lost some momentum in... 24th February 2017 · 1 min read
Metals Data Response Global Steel Production (Jan.) World Steel Association (WSA) data, released this afternoon, show a 7% y/y rise in global steel output in January. Production in all major producing regions rose, which is in stark contrast to the... 21st February 2017 · 1 min read
Metals Data Response Global Aluminium Production (Jan.) According to the International Aluminium Institute (IAI), global primary aluminium output rose by 11.4% y/y last month, up from 7.8% y/y in December, led by a 19% y/y surge in China’s production. 20th February 2017 · 1 min read
Commodities Weekly Commodities consolidate While a slight weakening of the US dollar provided some support to prices this week, individual demand and supply fundamentals were the main drivers. Oil prices fell as a further rise in US stocks... 17th February 2017 · 1 min read
Commodities Update Investors still in love with commodities The prices of most commodities have risen since the start of the year, boosted by optimism about demand and, in some cases, disrupted supply. A period of weakness in the US dollar has helped, but the... 14th February 2017 · 1 min read
Industrial Metals Update Uncertain ore supply to support nickel prices Nickel ore supply is likely to fall this year which underpins our forecast of a rise in refined nickel prices. But the scale of any rally will be constrained by high prevailing stocks. 13th February 2017 · 1 min read
Commodities Weekly Yellen’s testimony unlikely to be a market mover Most commodity prices rose this week despite a sharp appreciation of the US dollar. The latest data on Chinese trade, released today, show that commodity import volumes jumped in January but this... 10th February 2017 · 1 min read
Commodities Outlook Time to sound a note of caution Commodity prices continued their strong run in the early weeks of 2017, but we are concerned that investor optimism may fade in the months ahead. Prices have been buoyed by the pick-up in China’s... 10th February 2017 · 1 min read
Metals Data Response South Africa’s Mine Production (Dec. & 2016) South Africa’s overall mine production fell in 2016, with all the main metals seeing a drop in output. The PGM market appears finally to be tightening but we think that it will take some time to rise... 9th February 2017 · 1 min read
Commodities Weekly Mixed news for commodity markets Most commodity prices took a bit of a hit this morning as China raised its short-term interest rate, in a clear sign that supporting growth is no longer the primary immediate goal of policymakers... 3rd February 2017 · 1 min read
Metals Chart Pack Metals prices start the year on a strong note The prices of most metals rose last month (see Chart), buoyed by ongoing investor buying and expectations of strong demand in China and the US. The decision by the Fed to keep rates on hold in January... 3rd February 2017 · 1 min read
Industrial Metals Update Stocks were on the move in January There have been some large moves in stocks, notably in Shanghai, over the last month. Stockbuilding was evident in China which may have been a symptom of weak demand, but we think it is more likely to... 2nd February 2017 · 1 min read
