Metals Data Response China and India’s gold imports (Sep.) The latest import data out of China and India show that demand for gold in the two countries improved in September. We expect buying to have accelerated in October as consumers take advantage of... 27th October 2016 · 1 min read
Industrial Metals Update Another weak month for China’s metals imports China’s metals imports remained weak in September as higher prices, supply constraints and stronger domestic output weighed on volumes. 25th October 2016 · 1 min read
India Chart Pack Core price pressures remain elevated Much of the focus both before and after the RBI’s decision to cut the repo rate by 25bp (to 6.25%) in early October has been on the sharp fall in headline inflation over the past couple of months. But... 25th October 2016 · 1 min read
Commodities Weekly Commodities pause for breath Most commodity prices were little changed this week despite strong activity data from China. Indeed, the only industrial metals to record gains were tin and lead whose prices were buoyed by ongoing... 21st October 2016 · 1 min read
Industrial Metals Update Fed drives a wedge between metals prices The performance of industrial and precious metals prices has diverged in the last month. Industrial metals have benefited from more positive economic data out of China while precious metals have... 20th October 2016 · 1 min read
Commodities Update Industrials looking vulnerable to a turn in sentiment Commodity prices have generally risen in the last month, despite a further appreciation of the US dollar. That said, the likelihood of a US interest rate hike before end-2016 weighed on precious... 19th October 2016 · 1 min read
Commodities Outlook Near-term risks largely on the downside The recent more positive tone in commodity markets has been helped by a number of tailwinds that may be about to fade, if not reverse. The boost to Chinese demand from policy stimulus now already... 18th October 2016 · 1 min read
Commodities Weekly US dollar appreciation constrains prices The prices of most industrial commodities fell this week, as the US dollar continued to appreciate. Doubts about whether OPEC’s plans for an output quota will lead to any meaningful cuts to supply... 14th October 2016 · 1 min read
Metals Data Response South Africa’s Mine Production (Aug. 16) South Africa’s total mine production continued to fall in August, but PGM output recovered as miners took advantage of higher prices. Looking ahead, we think there is a risk of supply disruptions in... 13th October 2016 · 1 min read
Metals Watch What would a Trump victory mean for metals prices? We don’t pretend to know how the political race in the US will develop or who will eventually win the presidency, but in this Metals Watch we aim to shed some light on the potential impact on metals... 12th October 2016 · 1 min read
Global Markets Update What might a Trump win mean for the US dollar? The heightened economic and geopolitical uncertainty that would follow a victory for Donald Trump in November’s US presidential election would surely see the dollar weaken against traditional safe... 10th October 2016 · 1 min read
Commodities Weekly Energy prices shrug off US dollar appreciation Energy prices surged this week, despite the strength of the US dollar, as the physical markets appeared to be moving closer to balance from a position of oversupply. In most other commodity markets... 7th October 2016 · 1 min read
Precious Metals Update Central banks resume gold buying in August The latest data suggest that gold buying from the official sector recovered somewhat in August but overall demand in the year to date remains subdued. That said, we think that the case for gold as a... 7th October 2016 · 1 min read
Metals Chart Pack Industrials steal the show Most metals prices have trended higher over the past month, on signs that the monetary and fiscal stimulus enacted earlier in the year in China is starting to feed through into stronger activity... 4th October 2016 · 1 min read
Commodities Chart Pack A positive month for commodities Encouraging Chinese economic data and the Fed’s decision to leave interest rates on hold boosted the prices of most commodities last month. That said, gold traded in a narrow range, perhaps starting... 3rd October 2016 · 1 min read
Commodities Weekly OPEC’s surprise deal lacks substance The price of oil surged this week in response to the announcement that OPEC members had reached a deal to curb output. However, we are sceptical that this new deal will lead to lower oil supply, not... 30th September 2016 · 1 min read
