Metals Data Response South Africa’s Mine Production (Apr.) PGM output had a strong start to the year but the latest figures suggest that it has already started to wane. We expect production to fall in the remainder of the year as the platinum price treads... 8th June 2017 · 1 min read
Metals Chart Pack Precious metals outperform The prices of precious metals benefitted from a weaker US dollar and heightened safe-haven demand in May. In addition, markets are pricing in only a limited Fed tightening over the next eighteen... 6th June 2017 · 1 min read
Commodities Weekly A case of the jitters hits commodity markets Oil prices have continued to fall on fears that the OPEC supply cuts will not be sufficient to clear the excess in the market. In addition, a weak May unofficial PMI reading out of China on Thursday... 2nd June 2017 · 1 min read
Metals Data Response China and India’s gold imports (Apr.) The latest trade data show a jump in gold imports in the two largest consumers last month. India’s imports soared ahead of the forthcoming Goods and Services Tax (GST), while the strength of China’s... 25th May 2017 · 1 min read
Industrial Metals Update Metals prices could fall sharply as sentiment turns Sentiment towards metals has deteriorated somewhat since the start of 2017. We had warned that this could happen as the large investor inflows into metals markets last year were mostly premised on... 24th May 2017 · 1 min read
Metals Focus Platinum: Short-term pain, Long-term gain Given our outlook for US monetary policy this year and next, we expect the weakness in the price of platinum to persist through most of 2017-18. However, further ahead, we think that platinum will... 15th May 2017 · 1 min read
Metals Data Response South Africa’s Mine Production (Mar.) South Africa’s PGM output grew strongly in Q1 but, going forward, we expect reduced investment over the past few years to start denting supply. 11th May 2017 · 1 min read
Metals Watch Will Fed tightening prove too strong a headwind for gold? The resilience in the price of gold this year has come as a surprise given the prospect of further monetary tightening in the US. Safe-haven demand appears to have been the main driver of prices. But... 8th May 2017 · 1 min read
Precious Metals Update Q1 2017 World Gold Council Demand Trends Global gold demand fell by 18% y/y in Q1 2017, but this was from a high base a year earlier. In comparison to Q4 2016, demand was stronger as geopolitical concerns prompted investor buying. Subdued... 5th May 2017 · 1 min read
Metals Data Response China and India’s gold imports (Mar.) The latest trade data show a sharp rise in gold imports in China and India in March. While demand in India picked up ahead of the Akshaya Tritiya festival, Chinese buyers probably took advantage of... 25th April 2017 · 1 min read
India Economics Update Rupee surges to 20-month high The rally in the Indian rupee since the start of 2017 has continued in recent weeks, driving the currency to its highest rate against the US dollar in almost two years. While we doubt that the rally... 21st April 2017 · 1 min read
Commodities Weekly Higher geopolitical tensions support gold prices, for now The further deterioration in the US relationship with Russia and North Korea this week has supported the prices of precious metals. A weaker dollar, in light of President Trump’s comments about the... 13th April 2017 · 1 min read
Precious Metals Update Central banks’ gold demand wanes The latest data show only a slight increase in central banks’ holdings of gold in February. We anticipate that this weakness will persist throughout 2017. 7th April 2017 · 1 min read
Metals Chart Pack Metals prices still holding on There were some signs of fading investor enthusiasm for industrial metals last month. Although January-February economic data out of China were encouraging, the shift in timing of the Lunar New Year... 5th April 2017 · 1 min read
Commodities Chart Pack A month of two halves After a weak start to the month, the prices of both gold and oil subsequently rebounded, despite the Fed’s decision to hike interest rates. The accompanying dovish statement lowered expectations of... 3rd April 2017 · 1 min read
Metals Data Response China and India’s gold imports (Feb.) The latest import data from China and India show a mixed picture of gold demand in the two largest consumers. While China’s demand has started the new year on a soft note, an easing of the liquidity... 27th March 2017 · 1 min read
