Commodities Outlook China to the rescue The ongoing recovery in economic activity – from lows earlier this year – will support the prices of most commodities in the second half of 2020 and into 2021. We are particularly positive on the... 29th July 2020 · 1 min read
Commodities Ultra-low real yields to keep gold elevated Despite some jitters in equity markets, commodity prices generally ended the week higher. In what is becoming a well-worn pattern, optimism about a robust economic recovery continued to build – this... 24th July 2020 · 8 mins read
Metals Data Response Global Steel Production (Jun.) The contraction in global steel production eased for the second month in a row in June, offering further evidence that the worst of the downturn is now behind us. But global steel production will take... 23rd July 2020 · 2 mins read
Industrial Metals Update Copper rally not entirely divorced from reality At face value, the rally in the copper price to above its pre-virus level suggests that the coronavirus pandemic has led to an overall improvement in the metal’s fundamental outlook. While a little... 17th July 2020 · 4 mins read
Commodities Weekly Prices in a narrow range amid virus concerns A raft of positive Chinese economic data this week offered some support to commodity prices, but concerns about the rise in coronavirus infections in the US and in Latin America prevented any... 17th July 2020 · 7 mins read
Commodities Weekly Broad-based recovery leaving energy behind The prices of most commodities rose this week, with the exception of energy. In particular, industrial metal prices rose alongside Chinese equities. Elsewhere, the European economic recovery is... 10th July 2020 · 7 mins read
Metals Watch Assessing the risk of a ‘second wave’ of supply loss In this Metals Watch, we examine the risks to supply posed by high rates of infection among mine workers. We start by looking at what has happened to output at mines so far this year, before assessing... 10th July 2020 · 5 mins read
Metals Chart Pack A brighter backdrop ahead for industrial metals June was another good month for industrial metals. The prices of base metals made further gains, although those used in steel alloys (e.g. zinc and nickel) performed less well as wet weather in... 3rd July 2020 · 6 mins read
Commodities Weekly Prices lifted by encouraging economic data This week was fairly quiet for commodities, with most prices rising slightly. In particular, energy prices in the US and Europe were boosted by the partial (albeit uneven) paring back of virus... 3rd July 2020 · 7 mins read
Commodities Chart Pack Strong Chinese recovery is good news The more industrial commodities performed particularly strongly in June on the back of the ongoing revival in global economic activity. We have become more positive on the outlook for industrial... 2nd July 2020 · 8 mins read
Industrial Metals Update Chinese imports add to evidence of stronger demand China’s import data are another sign that demand is bouncing back in the world’s largest metal consumer. However, in some cases, a lack of supply is restricting shipments. This is likely to become... 30th June 2020 · 2 mins read
Commodities Weekly Despite the recent wobble, prices should rebound The prices of most industrial commodities fell this week owing primarily to concerns about the spread of the coronavirus, particularly in the south of the US. Falls in equity markets also weighed on... 26th June 2020 · 8 mins read
Metals Data Response Global Steel Production (May) In a pattern that has become all too familiar, steel output grew in May in China but fell sharply elsewhere. We expect steel output both in and outside China to pick up in the months ahead, but not by... 22nd June 2020 · 2 mins read
Commodities Weekly Revising up our metals forecasts as China rebounds Industrial commodity prices continued to claw back their virus-induced losses this week. These gains helped to extend the general rise in the prices of industrial commodities since late March... 19th June 2020 · 8 mins read
Industrial Metals Update Turning more positive on base metals We think that the recovery in equity prices has further to run, and now expect an even swifter economic rebound in China. Accordingly, we have raised our base metal price forecasts, which now show a... 18th June 2020 · 3 mins read
Commodities Weekly A pause for thought … The recent rally in most commodity prices stalled this week at least in part due to concerns about the scale of virus infections, particularly in the US. A stronger US dollar, falls in US equity... 12th June 2020 · 7 mins read
