Precious Metals Update Q1 2020 World Gold Council Demand Trends While a surge in ETF inflows offset weak physical demand in Q1, we don’t expect this to be repeated over the coming quarters. After all, many of the factors that have boosted the investment appeal of... 30th April 2020 · 3 mins read
Industrial Metals Update China stockpiling is not a long-term solution The incentives offered by China’s provincial governments will artificially boost demand for base metals, especially lead and zinc. As a result, smelters who may have cut supply or shut altogether may... 29th April 2020 · 3 mins read
Metals Data Response China and India Gold Imports (Mar.) Imports of gold into China and India continued to contract at a double-digit pace in March. But the plunge in physical demand has had little impact on the gold price, as it has been outweighed by... 27th April 2020 · 2 mins read
Metals Outlook The long road to recovery Measures designed to contain the spread of coronavirus have dealt a heavy blow to metals demand. Assuming that these measures are lifted at a global level in the second half of the year, we expect a... 27th April 2020 · 17 mins read
Commodities Weekly No respite for oil yet Well-placed fears that the world is fast running out of storage for crude buffeted oil prices this week. On an extraordinary day of trading, the spot price of WTI fell deep into negative territory on... 24th April 2020 · 7 mins read
Commodities Outlook It can only get better At the time of writing, economic activity has ground to a halt around the world owing to virus containment measures. For the most part, commodities prices have plunged given the collapse in demand. We... 24th April 2020 · 19 mins read
Industrial Metals Update Vale cuts won’t prevent iron ore surplus Vale, the world’s second largest iron ore producer, has cut its iron ore output guidance for 2020 by nearly 30m tonnes. Although significant, we don’t think it will be enough to push the market into a... 20th April 2020 · 3 mins read
Metals Data Response Global Aluminium Production (Mar.) Aluminium output growth slowed last month. But with demand for aluminium collapsing, nothing short of a huge contraction in output will do enough to prevent stocks from piling up. Such a fall in... 20th April 2020 · 2 mins read
Precious Metals Update Not much road left for gold The gold price has benefitted lately from demand for “safe” assets and an apparent easing of deflationary fears. While we also doubt that an extended period of deflation is on the cards, runaway... 17th April 2020 · 3 mins read
Commodities Weekly Too soon to call a recovery News of a record 9.7m bpd cut to output by OPEC and its allies failed to prop up oil prices, which fell again this week. As long as virus-containment measures continue to depress demand, we expect oil... 17th April 2020 · 7 mins read
Metals Focus A deep dive on supply in the context of COVID-19 It is now crystal clear that virus containment measures will deal an unrivalled blow to metals demand. But the extent to which these same measures may also hit supply is up for debate. Despite all the... 16th April 2020 · 12 mins read
Commodities Update China commodity trade not out of the woods yet After collapsing in January and February, China’s commodity exports stabilised last month. But with economic activity outside China now in the doldrums, this is unlikely to last. Meanwhile, China’s... 14th April 2020 · 2 mins read
Commodities Weekly Prices hang on the outcome of the OPEC+ meeting Despite the apparent conviction of US President Trump, much uncertainty remains over whether Saudi Arabia and Russia will manage to strike a deal in today’s OPEC+ meeting. Our best guess is that the... 9th April 2020 · 8 mins read
Industrial Metals Update Lower steel production to drag on iron ore prices Iron ore prices have been supported so far this year by China’s steel mills, which have continued to churn out metal. But with demand in China still subdued, and the virus-related disruption yet to... 8th April 2020 · 4 mins read
Commodities Weekly All eyes on OPEC+ (again) The price of Brent crude surged by 30% this week after President Trump suggested that Saudi Arabia and Russia were close to agreeing an eye-watering 15m bpd output cut to combat COVID-19’s hit to... 3rd April 2020 · 7 mins read
Metals Chart Pack Metals still staring into the abyss Industrial metals prices plummeted in March. And with the virus-related disruption outside of China yet to peak, we suspect that prices will fall further over the coming months. Even if containment... 2nd April 2020 · 7 mins read
