Industrial Metals Update China still controls its REE exports, despite “looser” regime Despite “loosening” its rare earths (REE) export regime, China will continue to control global supply. As such, our view remains that REE prices are unlikely to fall much further. 30th June 2015 · 1 min read
Commodities Weekly Adverse weather boosts agriculturals The prices of many agricultural commodities rose this week as adverse weather, notably in the US but also in Europe, clouded prospects for forthcoming harvests. Meanwhile, the prices of industrial... 26th June 2015 · 1 min read
Metals Watch Waiting for zinc ... Tightening supply, as a number of large mines close, is often cited as a key reason why investors and analysts have been positive on the outlook for zinc prices. However, the expected market tightness... 26th June 2015 · 1 min read
Metals Data Response Global Aluminium Production (May. 15) According to the International Aluminium Institute, global aluminium production grew by nearly 12% y/y in May, led by a marked increase in China’s output. Excluding China, global production rose by a... 22nd June 2015 · 1 min read
Metals Data Response Global Steel Production (May. 15) World Steel Association (WSA) data for May show a 2.1% y/y decline in global steel output, with falls in most of the largest producers. However, some recovery can be expected in coming months, notably... 22nd June 2015 · 1 min read
Commodities Weekly Industrial metals continue to struggle The escalating crisis surrounding Greece’s negotiations with its creditors and its potentially negative implications for the euro-zone economy weighed on investor sentiment this week. Industrial... 19th June 2015 · 1 min read
Commodities Update Why commodity investors shouldn’t fear the Fed The US central bank is edging towards a first interest rate hike, most likely in September. Thereafter, we expect rates to rise faster than the markets (and Fed officials themselves) generally... 18th June 2015 · 1 min read
Industrial Metals Update Support for iron ore prices to wane Temporary supply bottlenecks and falling stocks at Chinese ports have prompted a rally in iron ore prices since early-April. However, supply is expected to pick up strongly, at a time of only subdued... 16th June 2015 · 1 min read
Commodities Focus An introduction to Rare Earth Elements Rare Earth Elements (REEs) are highly sought-after chemical elements which are essential components of a wide range of products, ranging from smart phones to wind turbines and cancer-treating drugs... 15th June 2015 · 1 min read
Commodities Weekly Positive case for gold remains intact Most commodity prices have moved in narrow ranges in the past week. US natural gas prices continued their see-saw pattern, buffeted by weather and other seasonal factors. But other markets were... 12th June 2015 · 1 min read
Industrial Metals Update The impact of China’s “new normal” on metals demand The sources of industrial metals demand will alter as China shifts away from investment-led growth, but demand should not collapse. Indeed, demand for metals used in consumer goods could benefit. 12th June 2015 · 1 min read
Industrial Metals Update Lower stocks to help pave way for higher prices Exchange stocks of base metals have generally been falling over the last month. Although some metal is merely being moved into off-market locations, low stocks could be an additional factor boosting... 10th June 2015 · 1 min read
Industrial Metals Update Global steel demand to struggle again this year Global growth in apparent steel usage was just 0.6% in 2014 and was concentrated in the advanced economies. Consumption in China and a number of other key emerging markets fell. As we expect China’s... 8th June 2015 · 1 min read
Commodities Weekly Ample supply to cap oil prices Commodity prices have remained under pressure from continued dollar strength, although supply concerns in the past week have supported some agriculturals – notably wheat and coffee. US lumber prices... 5th June 2015 · 1 min read
Industrial Metals Update Why we are positive on copper prices Copper demand is set to pick up strongly later in the year as US economic activity rebounds and policy loosening in China lifts demand there. Meanwhile, subdued mine supply growth will curb refined... 4th June 2015 · 1 min read
Metals Chart Pack US dollar strength undermines the price rally The S&P GSCI industrial metals index fell sharply in May and under-performed other commodities. Renewed strength in the dollar coupled with subdued Chinese economic data undermined investor sentiment... 3rd June 2015 · 1 min read
