Industrial Metals Update What do the new Indonesian regulations mean for tin prices? Indonesia, the world’s top exporter of tin, has introduced new regulations on the production and shipping of the solder metal. On their own, the new controls are unlikely to boost prices, but they... 27th August 2015 · 1 min read
Commodities Focus Making sense of the commodity slump Investor sentiment towards commodities has rarely – if ever – been more negative. However, the recent sharp falls in prices can largely be seen as the continuation of trends in place since 2011. The... 26th August 2015 · 1 min read
Industrial Metals Update Falling stocks may boost some metals’ prices Exchange stocks of copper remain high and have risen strongly since the start of 2015. However, stocks of other metals, notably tin and lead, are now at very low levels on a historical basis. This may... 25th August 2015 · 1 min read
Commodities Weekly China panic spreads The negative sentiment prompted by the slide in the renminbi has been compounded by further weakness in Chinese equities and another soft reading of the country’s manufacturing PMI. What’s more... 21st August 2015 · 1 min read
Commodities Update China, Japan & Euro-zone Flash PMIs (Aug.) The weak manufacturing PMI reading from China may have been distorted bytemporary factors and the manufacturing sector has yet to feel the full benefit of policyeasing. Nonetheless, today's Chinese... 21st August 2015 · 1 min read
Metals Data Response Global Aluminium Production (July) According to the International Aluminium Institute, global aluminium productiongrew by nearly 11% y/y in July. But excluding China, output rose by just 1.3% y/y. 20th August 2015 · 1 min read
Industrial Metals Update Fears, not facts, driving copper prices lower The recent slump in copper prices has more to do with investors’ fears about China’s future copperdemand, than with the reality of Chinese copper usage. As such, we would expect a sharp rebound... 19th August 2015 · 1 min read
Industrial Metals Update Why hasn’t China’s new resource tax led to higher REE prices? The costs of rare earth elements (REEs) have continued to fall despite China’s new tax regime. However, we think that it is only a matter of time before higher taxes and positive demandfundamentals... 18th August 2015 · 1 min read
Industrial Metals Update Lead and zinc markets set to tighten Subdued demand in the first half of this year meant that the lead and zinc markets were in surplus. However, with supply expected to tighten and demand to strengthen, prices should pick up from here. 18th August 2015 · 1 min read
Commodities Update No respite for commodities yet Commodity prices have continued their decline over the past month, with both the GSCI and Bloomberg commodity indices falling to levels last seen in mid-2009. As a result, the gulf between returns... 17th August 2015 · 1 min read
Industrial Metals Update Will the fall in aluminium prices lead to output cuts? The sharp fall in aluminium prices this year could be expected to lead to output cuts across the industry. But with China’s production less sensitive to prices, output cuts are more likely elsewhere... 14th August 2015 · 1 min read
Metals Chart Pack Investor sentiment plumbs new lows The S&P GSCI industrial metals index has now fallen by nearly 10% since the end of the second quarter. A deterioration in investor sentiment weighed on prices throughout most of July, while the... 13th August 2015 · 1 min read
Commodities Update What China’s ‘‘devaluation’’ means for commodity prices All else equal, a weaker renminbi means that US dollar-denominated commodities will be more expensive in local currency terms for Chinese buyers. However, with the renminbi unlikely to go into... 12th August 2015 · 1 min read
Metals Watch Solid fundamentals should support lead prices By setting a lower mid-point for the renminbi’s trading band the People’s Bank has sparked speculation that it is embarking on a competitive devaluation of the currency in order to shore up exports... 7th August 2015 · 1 min read
Global Markets Update Copper prices could eventually boost equities in Chile and Peru Our bullish view on copper prices suggests that stock markets in Chile and Peru could outperform over the medium-term, but persistently low oil prices look set to be an unwanted headwind for equities... 5th August 2015 · 1 min read
Industrial Metals Update Industrial metals weakness to hasten silver supply decline Silver might soon be in a shortage as low commodity prices prompt further capital expenditure cuts across primary and secondary mines. Silver is often mined as a by-product of copper, gold, zinc, and... 31st July 2015 · 1 min read
