Metals Chart Pack Hoping for some better times ahead Signs of a recovery in industrial commodity demand were emerging at the beginning of 2020. Indeed, the economic data have improved and investor concern surrounding the US-China trade war has eased... 6th February 2020 · 7 mins read
Metals Outlook Recovery still base case, but coronavirus big risk A sharp decline in China’s economic growth in Q1 as a result of the coronavirus outbreak now seems certain. This will be a significant negative for metals demand, as China is the world’s single... 5th February 2020 · 18 mins read
Precious Metals Update Turnaround in global growth to hit gold demand If the coronavirus is eventually brought under control, we think that 2020 will mark a turnaround for gold demand. ETF inflows are likely to shrink as a more benign macroeconomic backdrop stunts safe... 4th February 2020 · 3 mins read
Commodities Chart Pack Virus fears to drive prices for some time yet Commodity prices, and energy prices in particular, have been hard hit by the outbreak of coronavirus in China and the prospect of lower global commodities demand. There is still too much uncertainty... 4th February 2020 · 7 mins read
Precious Metals Update Palladium dancing to its own tune Palladium’s blistering price rally has probably run its course, but we expect prices to remain close to historic highs in 2020. The market is mired in a deficit and demand growth looks set to remain... 30th January 2020 · 3 mins read
Precious Metals Update Gold set to lose Midas touch While the price of gold remains elevated at present, we think it’s only a matter of time before it begins to ease back. Subdued gold imports in China and India and softer safe-haven demand should... 14th January 2020 · 3 mins read
Metals Chart Pack Settling in for some near-term weakness December was a relatively strong month for both precious and industrial metals, with prices rising almost across the board. A weaker US dollar and safe-haven buying buoyed gold prices, while base... 9th January 2020 · 7 mins read
Precious Metals Update Base metals to dethrone precious this year We forecast that the prices of base metals will fare better than precious metals in 2020. This view hinges on a modest recovery in the global economy, which should give a lift to metals demand at a... 7th January 2020 · 4 mins read
Commodities Weekly US-Iran tensions to take centre stage Oil prices received a shot in the arm following Friday’s assassination of Qassem Soleimani, a top ranking Iranian general. Regardless of geopolitical events, we expect constrained supply growth and a... 3rd January 2020 · 7 mins read
Commodities Weekly Commodities end the year on a high Most commodity prices rose this week, in part owing to the release of strong Chinese activity data. Lingering optimism following the announcement of a US-China “Phase One” trade deal at the end of... 20th December 2019 · 7 mins read
India Chart Pack Populist shift a risk for long-run outlook The citizen amendment bill – which aims to fast-track citizenship for non-Muslims from neighbouring Muslim-majority countries – has dominated the news over the past couple of weeks. This isn’t... 18th December 2019 · 9 mins read
Commodities Weekly Commodities dodge a bullet Most industrial commodity prices rose this week, as the US and China announced that they had reached a phase-one trade deal. The agreement cancels the tariffs scheduled to come into effect this Sunday... 13th December 2019 · 7 mins read
Commodities Weekly OPEC still has work to do The announcement that OPEC+ will deepen output cuts by 0.5m bpd in the first quarter of 2020 boosted oil prices this week. While the decision means that the market will be a bit tighter next year than... 6th December 2019 · 8 mins read
Metals Chart Pack Awaiting direction Despite somewhat more encouraging economic data releases, industrial metals prices struggled to find direction in November mainly owing to the ongoing uncertainty surrounding US-China trade... 5th December 2019 · 7 mins read
Metals Data Response China and India Gold Imports (Oct.) Gold imports by China and India remained at historically low levels in October. Our view is that the gold price rally is now behind us, and that ongoing weakness in consumer demand will be one of the... 25th November 2019 · 2 mins read
Commodities Weekly Commodities still on the sidelines The prices of most industrial commodities traded in a narrow range this week in part owing to stronger-than-expected PMI data from the US and elsewhere. However, the bigger picture is that global... 22nd November 2019 · 7 mins read
