Commodities Weekly A short-term reprieve, before prices fall further President Trump’s decision to delay the proposed 10% tariff on just over $150bn of Chinese imports gave a lift to most industrial commodity prices this week. That said, any optimism about an improved... 16th August 2019 · 7 mins read
Industrial Metals Update Copper caught up in the global malaise Copper prices are hovering near two-year lows, reflecting investor concerns about the outlook for global growth. While dwindling mine supply should put a floor under prices, deteriorating investor... 16th August 2019 · 2 mins read
Commodities Weekly Some signs of the dust settling The fall-out from Mr Trump’s threat to levy a 10% tariff on $300bn worth of Chinese imports continued to roil commodity markets this week. The prices of crude oil and most industrial commodities fell... 9th August 2019 · 7 mins read
Industrial Metals Update Nickel’s rally is premature Nickel prices have surged in recent weeks, owing to optimism over future demand from the electric vehicle sector and speculation that Indonesia’s ban on nickel ore exports could be brought forward... 9th August 2019 · 4 mins read
Metals Chart Pack From bad to worse Despite sharp declines in recent days, we expect the prices of most industrial metals to fall further this year as demand falters in the wake of slower global economic growth. We are particularly... 6th August 2019 · 7 mins read
Commodities Weekly What a difference a day makes … Yesterday’s announcement by President Trump that a 10% tariff is to be levied on $300bn worth of Chinese goods came as a shock after reports of “constructive” trade talks between the US and China... 2nd August 2019 · 7 mins read
Precious Metals Update Q2 & H1 2019 World Gold Council Demand Trends Central bank buying and ETF inflows underpinned robust demand for gold in the first half of 2019. While we think that strong official sector buying will continue, ETFs may start to see outflows as... 1st August 2019 · 3 mins read
Commodities Chart Pack Subdued demand to remain a headwind With the exception of the precious metals, most commodity prices drifted lower in July on concerns about soft demand. Given our forecast of slower global economic growth in the second half of this... 31st July 2019 · 7 mins read
Metals Outlook Base metals to see better days in 2020 Recent rallies in metals prices, particularly in precious metals and iron ore, are likely to falter sooner rather than later. Indeed, we expect almost all metals prices to drop in the remainder of... 29th July 2019 · 18 mins read
Commodities Weekly Next week is all talk (and maybe some price action) Commodity prices have largely been treading water, ahead of some major events next week. The Fed will announce its interest rate decision on Wednesday. A 25 basis points rate cut is already priced... 26th July 2019 · 7 mins read
Industrial Metals Update Why the fundamentals still matter for base metals The rise of speculative investment in base metals has resulted in high levels of overall price correlation. Beyond this, copper seems to provide a fairly reliable gauge of the general direction of... 23rd July 2019 · 3 mins read
Metals Data Response Global Aluminium Production (Jun.) Global aluminium output slumped in June, as a sharp fall in Chinese output outweighed increases elsewhere. But putting this month’s reading to one side, there are now clear signs that global aluminium... 22nd July 2019 · 2 mins read
Commodities Outlook Not out of the woods yet Subdued economic growth will weigh on the prices of most industrial and energy commodities for the remainder of 2019. What’s more, our view that there will be a further escalation in the US-China... 19th July 2019 · 25 mins read
Commodities Weekly Precious metals prices starting to look vulnerable We now expect the Fed to start cutting interest rates at the end of this month. However, we only expect a quarter-point reduction in July and only one further cut this year. While lower US interest... 19th July 2019 · 7 mins read
Commodities Weekly Boost from Powell put to fade fast Fed Chair Jerome Powell’s confirmation earlier this week that an interest rate cut is likely in July gave most commodity prices a lift. And oil prices rose to their highest level since May following a... 12th July 2019 · 8 mins read
Energy Focus A US-Iran conflict would push oil prices above $150 Mounting geopolitical tensions between the US and Iran have prompted fears of a full-blown military war in the Gulf region. The most important impact would clearly be the loss of life. From the... 11th July 2019 · 10 mins read
