Commodities Weekly Demand indicators to continue to drive prices for now The oil price ended the week flat despite Saudi Arabia pledging to cut output by 1m bpd in July at the OPEC+ meeting last weekend. Most other commodity prices rose, supported by China’s May trade data... 9th June 2023 · 6 mins read
Commodities Chart Pack Investor pessimism may be running too deep Most commodity prices have moved lower over the past month as concerns about demand loomed large and the US dollar strengthened. We think that prices will continue to struggle over the next few months... 7th June 2023 · 13 mins read
Commodities China’s imports firing on all cylinders in May Growth in China’s commodity imports generally was strong in May, with a notable rise in crude oil imports. While the data are consistent with our above-consensus outlook for China’s growth this year... 7th June 2023 · 2 mins read
Commodities Weekly OPEC+ likely to stand pat It was a week of two halves, with prices initially falling before the passage of the US debt ceiling bill and a strong US May employment report saw prices recoup some of those losses later in the week... 2nd June 2023 · 6 mins read
Commodities Update China’s PMIs point to solid, if unexciting, demand China’s PMI surveys suggest that the economic recovery is ongoing, but the pace of growth has slowed. While a lower reading for construction activity is a negative for metals prices, the persistent... 1st June 2023 · 2 mins read
Commodities Weekly Data and debt ceiling to move prices next week Commodity prices generally fell this week, as investors’ expectations for the Federal Reserve’s policy rate rose on concern about the persistence of high inflation. The dollar also strengthened... 26th May 2023 · 6 mins read
Metals Data Response Global Steel Production (Apr.) Steel mills reduced output in April in y/y terms, meaning that global production is down year-to-date. We think that producers will continue to limit output for a few more months due to tepid demand. 23rd May 2023 · 2 mins read
Commodities Weekly US data the key driver of prices next week Dealmaking was a major driver of commodity prices this week. The 11th hour extension of the Black Sea Grain Initiative alleviated fears of Ukraine’s grain exports being cut off from world markets... 19th May 2023 · 6 mins read
Metals Demand Monitor Metals Demand Monitor (Feb.) Our in-house metals demand proxies show that growth held steady in February. While growth will accelerate in the coming months due to base effects, we think that underlying demand is more subdued. 18th May 2023 · 2 mins read
Commodities Chart Pack Demand concerns a lingering headwind for prices Most commodity prices have moved lower over the past month as concerns about demand have intensified and risk appetite has soured. We think prices will continue to struggle over the next few months as... 16th May 2023 · 13 mins read
Commodities Weekly Weak demand will weigh on prices for some time The demand backdrop for commodities appears weak. While oil prices rose this week, they remain low by recent standards at $70-75 per barrel. Industrial metal prices, which rallied late last year and... 12th May 2023 · 6 mins read
Commodities Update China’s commodity imports likely to remain soft China’s commodity imports were generally weak in April. We suspect that import volumes generally could soften a bit further as any reopening effect on commodity demand fades and export demand... 9th May 2023 · 2 mins read
Commodities Weekly Commodities are likely to struggle for a while Most commodity prices, but especially energy and industrial metals, fell this week. Concern about demand in advanced economies, particularly in the US due to the banking sector problems, contributed... 5th May 2023 · 6 mins read
Commodities Update Commodity prices to struggle in the next few months The key message from the latest China PMIs is that whilst China’s economy is likely to grow strongly this quarter, momentum is fading. This will be one factor weighing on commodity prices in the near... 4th May 2023 · 2 mins read
Commodities Weekly Demand concerns back on the menu Commodity prices generally fell earlier this week on the back of investors’ growing concerns about the outlook for commodities demand. Later in the week, the release of softer-than-expected US Q1 GDP... 28th April 2023 · 6 mins read
Climate Economics Monthly China rebound to boost emissions; EU targets shipping The pick-up in our China Activity Proxy in March suggests that carbon dioxide emissions from the country ended Q1 growing at the fastest year-on-year rate since mid-2021. With the economy now expected... 28th April 2023 · 5 mins read
