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
Industrial Metals Update Iron ore rally on borrowed time We think the recent rally in the iron ore price will soon go into reverse. Steel demand in China has surged in recent months, but we think that will prove temporary. China’s steelmakers should cut... 14th September 2023 · 3 mins read
Commodities Chart Pack Commodities Overview Chart Pack (Sep. 2023) Prices will remain buffeted by weak global economic growth and a strong dollar, at a time of mounting supply risks and some policy stimulus in China. These conflicting pressures suggest that prices... 8th September 2023 · 1 min read
Commodities Update China’s surge in commodity imports likely to moderate China’s commodity import volumes rose strongly in August compared to July. Crude oil imports were probably supported by the ongoing recovery in the aviation sector, which we expect to continue in... 7th September 2023 · 2 mins read
Metals Chart Pack Metals Chart Pack (Sep. 2023) Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. China’s announced support for the property sector and the extent of fiscal stimulus is modest, but... 6th September 2023 · 1 min read
Commodities Weekly Metal prices still struggling, despite China stimulus Most commodity prices rose this week after data showed that US labour market conditions are easing, lowering expectations for US interest rates and weakening the dollar. It is perhaps surprising that... 1st September 2023 · 4 mins read
Commodities Update China PMIs encouraging for commodities demand While doom and gloom builds around China’s growth, PMIs for August provided some encouragement this week, even if they didn’t paint a picture of booming commodities demand. They suggest infrastructure... 1st September 2023 · 2 mins read
Commodities Weekly Natural gas prices strike lower; iron ore resilient It has generally been a positive week for commodity prices. Most metals and agricultural prices rose on the week, in somewhat of a turnaround from recent trends. By contrast, energy commodities fell... 25th August 2023 · 4 mins read
Metals Data Response Global Steel Production (Jul.) Global steel production will probably continue to edge lower in the next few months, following the latest month-on-month decline revealed by the WSA today. Crucially, we think that steel demand will... 22nd August 2023 · 2 mins read
Metals Data Response Global Aluminium Production (July) Global aluminium production growth slowed for the seventh consecutive month and dipped into contractionary territory in July on the back of weakness in China. We think production growth will stagnate... 21st August 2023 · 2 mins read
