Commodities Weekly OPEC+ won’t let prices slide Moves in commodity prices have been fairly muted on the week, but this masks a dramatic mid-week plunge and recovery in oil prices. The big news was that OPEC+ announced a four-day delay to its policy... 24th November 2023 · 5 mins read
Industrial Metals Update Panama protests against copper production Protests against a large copper mine have raged in Panama over the past few weeks. If mine production ceased, there would be noticeable impact on global supply but the risk of this happening is small... 9th November 2023 · 2 mins read
Commodities Chart Pack Commodities Overview Chart Pack (Nov. 2023) Our Commodities Overview Chart Pack has been updated with the latest data and our analysis of recent developments. Energy and precious metal prices will remain volatile while there is a risk that the... 3rd November 2023 · 1 min read
Commodities Update China PMIs suggest metals prices to hold steady The PMI surveys released so far for China weakened in October with the manufacturing PMIs falling back into contractionary territory. We think China’s demand for commodities will be supported by... 1st November 2023 · 3 mins read
Metals Data Response Global Steel Production (Sep.) Monthly global steel output in September fell in year-on-year terms for the first time in 2023, in large part due to a contraction in China’s production. With demand set to remain weak and low... 24th October 2023 · 3 mins read
Industrial Metals Update Cobalt prices to drift lower through 2024 Cobalt is likely to keep its position as a leading battery metal for years to come, but its high cost compared to alternative metals means that cobalt demand won’t grow as fast as overall battery... 13th October 2023 · 4 mins read
Commodities Weekly “Wait-and-see” prevails in commodities markets It was a mixed week for prices, with energy, agricultural and precious metals outperforming industrial metals. There was a relatively muted reaction to the outbreak of the Israel-Hamas conflict... 13th October 2023 · 4 mins read
Commodities Update China's commodity demand remains rock solid China imported fewer key commodities in September than in August, but its underlying demand for commodities, especially fossil fuels, remains strong and is only likely to strengthen from here. 13th October 2023 · 2 mins read
China Economics Update Why is China’s commodities demand so strong? China’s recent commodity demand has been stronger than might have been expected given the weakness of its economy and commodity-intensive property sector in particular. This partly reflects a step-up... 12th October 2023 · 5 mins read
Commodities Weekly Few commodities spared from this week's sell-off It has been a week of declines for most commodity prices, as commodities were caught up in the more widespread selling of financial assets. Crude oil prices were among the hardest hit, whereas... 6th October 2023 · 4 mins read
Industrial Metals Update Supply to drive relative copper/nickel price dynamics The trend of rapid increases in industrial metals supply this year is likely to unwind over the next few years for copper, but we think nickel supply growth will remain robust. We think that... 5th October 2023 · 4 mins read
Commodities Update China’s latest PMIs are positive for commodities The latest above-50 readings in China’s PMIs are consistent with our view that China’s demand for commodities will remain solid in the second half of this year, but not grow strongly. 2nd October 2023 · 2 mins read
Commodities Outlook Looser monetary policy to support prices in 2024 We expect most commodity prices to struggle over the rest of this year as developed economies flirt with recession, the US dollar remains strong and investor risk appetite moderates. That said, we... 26th September 2023 · 28 mins read
Metals Data Response Global Steel Production (Aug.) The slowdown in global steel production in August is consistent with our long-held view that slowing demand will weigh on production in the second half of this year. Weakening demand stems from... 25th September 2023 · 2 mins read
Metals Data Response Global Aluminium Production (August) An increase in year-on-year production growth, coupled with upward revisions to the back data, means that global aluminium supply is much stronger than previously thought. Production reached a record... 20th September 2023 · 3 mins read
Commodities Weekly Commodity prices fire up across the board The mood was upbeat in commodity markets this week, with prices rising across all sectors. Oil stood out, with the price in the US cracking $90 per barrel for the first time this year. Higher oil... 15th September 2023 · 5 mins read
