Metals Chart Pack Investor sentiment deteriorates further Concerns about the scale of the slowdown in China continued to weigh on metals prices in September. The decision by the US Fed to delay the first interest rate rise only provided temporary relief. As... 5th October 2015 · 1 min read
Commodities Focus The impact of China’s rebalancing on demand for commodities The move away from commodity-intensive investment-led growth in China towards a more consumer-driven economy is often cited as sounding the death knell for commodities demand. However, we would argue... 2nd October 2015 · 1 min read
Industrial Metals Update Zinc’s fall from favour should be short-lived An unexpected spike in LME inventories in the last month has raised concerns about oversupply and contributed to a sharp drop in the price of zinc. However, stocks remain historically low and, with... 30th September 2015 · 1 min read
Commodities Update China’s carbon trading to curb coal demand further China’s new national carbon cap-and-trade scheme constitutes yet another blow to the prospects for coal demand and prices. In contrast, lower production of steel, aluminium and some petroleum products... 28th September 2015 · 1 min read
Industrial Metals Update China’s import data show some areas of strength The latest data on China’s imports and exports do not paint a picture of a slump in domestic demand. But there are nuances, with imports of some metals holding up better than others. 22nd September 2015 · 1 min read
Metals Data Response Global Aluminium Production (Aug.) According to the International Aluminium Institute, global aluminium output grew by over 10%y/y in August. But excluding China, output rose by a mere 2% y/y. 21st September 2015 · 1 min read
Industrial Metals Update Flagging up the risks to copper mine supply The earthquake that hit Chile yesterday served as a reminder of the vulnerability of the copper market to disrupted mine output from key producing countries. With El Niño underway, persistent strike... 18th September 2015 · 1 min read
Commodities Update What should the Fed’s inaction mean for commodities? Commodity markets initially welcomed the US central bank’s decision to keep rates on hold yesterday, but the moves have been small. This makes sense, as rates are still likely to rise soon, and the... 18th September 2015 · 1 min read
Industrial Metals Update Nickel prices to rally strongly next year With the market expected to fall into deficit in 2016, as supply falls and demand recovers, the price of nickel should rebound strongly. But the recovery may have to wait until stockpiles are drawn... 17th September 2015 · 1 min read
Industrial Metals Update Stocks tell a broadly positive story on demand Falling official stocks are painting a much stronger picture of metals’ demand than current prices. Inventories of some metals, notably tin and lead, offer little in the way of a cushion if supply... 15th September 2015 · 1 min read
Industrial Metals Update Restocking to galvanise US steel prices US steel prices have fallen sharply this year, despite signs of robust physical demand. Given that imports have also dropped, we expect that stocks have been drawn down. Resilient demand coupled with... 11th September 2015 · 1 min read
Metals Watch Will the supply response be sufficient to lift prices? A number of mining companies have recently announced plans to cut output or close mines and smelters in response to low prices. These latest announcements come on top of earlier cost-cutting exercises... 10th September 2015 · 1 min read
Metals Chart Pack Prices regain some lost ground After falling steadily throughout August, in large part associated with a plunge in Chinese equities, the prices of most industrial metals have rallied in the last week. That said, the S&P GSCI... 4th September 2015 · 1 min read
Global Markets Update Is the value of everything really too high? To some, the recent sell-off in global financial markets was merely the beginning of what will soon become a much bigger downturn, because the valuations of many assets remain excessively high... 28th August 2015 · 1 min read
Commodities Update Industrial commodities set for strong recovery into year-end The relief rally in Chinese equities prompted by additional policy stimulus has turned global sentiment around, but a sustained recovery in commodity prices will probably require hard evidence that... 28th August 2015 · 1 min read
