Commodities Weekly What a difference a week makes Oil prices surged by around 10% this week on the back of not very much. Admittedly, OPEC declared that it would clamp down on non-compliant members and re-iterated that it would do what it takes to... 18th September 2020 · 7 mins read
Commodities Weekly Oil prices facing an uphill battle Concerns about demand and a move away from ‘risky’ assets, including equities, dragged both energy and industrial metal commodity prices lower this week. In the oil market, we think that any further... 11th September 2020 · 7 mins read
Commodities Weekly China to save the day! Despite further signs of strength in China’s manufacturing sector, the prices of most industrial commodities – as well as gold and silver – fell this week owing in large part to an appreciation of the... 4th September 2020 · 7 mins read
Metals Chart Pack Metals prices on a roll Industrial metals rallied strongly in August on the back of encouraging economic data out of China and some depreciation of the US dollar. By contrast, the price of gold eased back, after hitting an... 4th September 2020 · 7 mins read
Commodities Weekly Prices may stutter if the economic revival loses steam The Fed’s move to a “flexible form of average inflation targeting” announced at this week’s Jackson Hole is broadly positive for commodities prices. It points to ultra-loose US monetary policy for... 28th August 2020 · 8 mins read
Metals Data Response China and India Gold Imports (Jul.) Despite a bounce-back in India’s imports of gold last month, China’s imports remained in the doldrums. Gold imports by both countries should rise in the months ahead, but a full recovery still appears... 25th August 2020 · 2 mins read
Metals Data Response Global Steel Production (Jul.) The contraction in global steel production continued to ease in July. This improvement remains led by a surge in Chinese production resulting from a state-sponsored rise in infrastructure spending... 24th August 2020 · 2 mins read
Commodities Weekly Recovery in demand running into roadblocks Industrial metals prices pushed higher this week, while the prices of oil and gold were broadly flat. For now, the robust recovery in Chinese demand for metal still seems to be enough to offset weaker... 21st August 2020 · 7 mins read
Metals Data Response Global Aluminium Production (Jul.) The continued increase in production in July helps to explain why the price of aluminium has been a relative underperformer so far this year. And with yet more additions to China’s smelting capacity... 20th August 2020 · 2 mins read
Commodities Weekly Rally in precious metals taking a breather The nine-week, gold-led rally in the precious metals faltered this week. We had warned that gold was looking a bit expensive, and that prices were vulnerable to a slight correction. While real bond... 14th August 2020 · 7 mins read
Industrial Metals Update Still plenty of reasons to be positive on nickel We expect the price of nickel to make further gains between now and the end of 2021. The ongoing rise in the production of stainless steel in China will be the main factor supporting demand, while the... 14th August 2020 · 4 mins read
Commodities Weekly Downside risks building Upbeat manufacturing data from the US and China bolstered risk appetite this week, helping the prices of industrial commodities record another strong week. However, precious metals prices also did... 7th August 2020 · 8 mins read
Industrial Metals Update Zinc rally getting a little ahead of itself Last week saw the zinc price return to its pre-pandemic level, making it the second in the S&P of Industrial Metals to do so after copper. But unlike copper, we expect the zinc market to remain... 6th August 2020 · 4 mins read
Industrial Metals Update China’s imports illustrate impact of supply on prices The latest China import data tally with our view that constrained supply will help to push the prices of most base metals higher. Conversely, the surge in iron ore shipments is consistent with our... 3rd August 2020 · 2 mins read
Metals Outlook Post-GFC-style revival to continue, for now … Despite base metals prices already nearing pre-virus levels, we think that the rally has further to run. The key factor underpinning our positive outlook is the planned policy stimulus in China, much... 31st July 2020 · 19 mins read
Commodities Weekly All eyes on the next US fiscal package Mounting signs of a rapid rebound in the Chinese manufacturing and construction sectors, as well as a further depreciation in the US dollar, offered some support to industrial commodity prices this... 31st July 2020 · 7 mins read
