Metals Data Response China and India Gold Imports (Oct.) Gold imports by China and India slumped on a y/y basis in October. However, we expect a rebound in imports to India in the coming months as gold prices in rupee terms have dropped back. 26th November 2018 · 1 min read
Precious Metals Update Silver surplus unlikely to last long The silver market has moved into its first meaningful surplus since 2010 as investor demand has plunged but we expect this will rebound next year, causing the surplus to dwindle and silver prices to... 21st November 2018 · 1 min read
Metals Watch Iron ore prices to weaken The price of iron ore has jumped on the back of expectations of weaker anti-pollution measures in China. In this Metals Watch we explain why we think higher prices will prove short-lived. 16th November 2018 · 1 min read
Metals Chart Pack Precious outperform base After strong gains in September, most base metals prices fell in the past month, as global growth concerns made investors more risk averse. Against this backdrop, precious metals generally gained... 6th November 2018 · 1 min read
Commodities Weekly All eyes turn to the US The US is set to take centre stage next week as it re-imposes sanctions on Iran’s oil on Monday. While this may spark bargain hunting, after this week’s slump in prices, any relief rally should be... 2nd November 2018 · 1 min read
Precious Metals Update Q3 2018 World Gold Council Demand Trends After a lacklustre first half of the year, global gold demand rose in Q3, albeit marginally. We think that consumer demand may well remain soft in Q4, but the upturn in ETF holdings in October could... 1st November 2018 · 1 min read
Commodities Weekly Commodities caught up in market jitters Concerns about the outlook for demand, amid sharp declines in global equity prices, are weighing on the prices of most commodities. Even the oil market, which has been focussed on supply issues for... 26th October 2018 · 1 min read
Metals Outlook Precious metals to outshine industrials in 2019 An economic slowdown in China and less severe cuts to Chinese capacity should lead to lower industrial metals prices over the next year. In contrast, precious metals prices should gain from safe-haven... 26th October 2018 · 1 min read
Metals Data Response China and India’s gold imports (Sep.) The latest trade data for China and India show gold imports tumbled in September and higher gold prices in October could mean that imports remain weak, despite the Indian wedding season. 25th October 2018 · 1 min read
Commodities Weekly Politics and policy may take centre stage Commodity markets will have little in the way of relevant data to focus on next week. Instead, prices are likely to be driven more by developments on the political and policy fronts. The case of the... 19th October 2018 · 1 min read
Commodities Outlook Hard to be positive on 2019 Our forecast of slower global growth next year points to weaker growth in commodities demand and lower prices. Of course, the prices of many non-oil commodities have already fallen sharply this year... 19th October 2018 · 1 min read
Commodities Weekly China will be back in the spotlight The focus of commodity markets next week is likely to be the raft of data out of China, culminating in Q3 GDP and September industrial output and investment spending on Friday. The September data, in... 12th October 2018 · 1 min read
Metals Chart Pack Demand weakness means rally is on borrowed time Metal prices rebounded strongly in September, in a relief rally, as the latest round of US-Chinese tariffs were lower than initially feared. However, slower growth in Chinese manufacturing and the... 5th October 2018 · 1 min read
Commodities Weekly Oil is losing touch with reality The latest leg-up in the oil price, to around $85 per barrel, was fuelled by persistent fears of a supply shortfall. However, we remain of the view that the market’s worst fears will not be realised... 5th October 2018 · 1 min read
Commodities Chart Pack Industrial commodities rally, but too good to last Commodity prices jumped in the second half of the month despite a stronger US dollar. Concerns about Iranian production and news that OPEC didn’t increase output at one of its technical meetings meant... 2nd October 2018 · 1 min read
Commodities Weekly Supply prospects take centre stage Supply-side developments were the key driver of most commodity markets this week, but they are pushing prices in opposing directions. In the oil market, supply concerns sent Brent crude to a 46-month... 1st October 2018 · 1 min read
