Commodities Chart Pack Commodity prices starting 2021 on a high Commodity prices rose in December in spite of a tightening of COVID-19 restrictions in a number of developed economies, which will weigh on commodities demand at the start of this year. Markets seem... 5th January 2021 · 8 mins read
Commodities Update China slowdown will weigh on metals prices in 2021 China’s December PMI readings suggest that the pace of economic expansion has started to ease, which chimes with our view that the demand for and, prices of, most metals will fall this year. 4th January 2021 · 2 mins read
Metals Data Response Global Steel Production (Nov.) Growth in global steel production fell in November, in part because cold weather in China weighed on construction activity there. Nevertheless, we expect global output to remain high in 2021 as... 22nd December 2020 · 2 mins read
Metals Data Response Global Aluminium Production (Nov.) Global aluminium production held up well in November and, given the recent surge in prices, will almost certainly increase in the coming months. 21st December 2020 · 2 mins read
Commodities Weekly Reversal of fortune for oil in 2021 We think that the price of oil will outperform most other commodity prices next year. A lifting of virus restrictions, as vaccines are rolled out, should allow for a strong bounce-back in oil demand... 18th December 2020 · 7 mins read
Industrial Metals Update Iron ore market to swing into a surplus next year The price of iron ore has skyrocketed recently, to over $155 per tonne. However, we think that the price will decline in 2021 as demand in China weakens at a time of rising supply. 18th December 2020 · 2 mins read
Industrial Metals Update The upside risks to our 2021 price forecasts We think that industrial metals prices will ease back in 2021 primarily because we expect growth in China’s demand to slow. However, we acknowledge that there are some upside risks to our price... 17th December 2020 · 3 mins read
Commodities Weekly Oil prices begin to claw back lost ground Despite the re-introduction of lockdown measures in some US states, industrial commodities prices continued to rise this week on the back of ongoing hopes of a vaccine-induced economic boom next year... 11th December 2020 · 7 mins read
Precious Metals Update The risks to our gold price forecast are to the downside We expect that the price of gold will trade at around $1,900 per ounce through 2021 as US real yields remain low. That said, we recognise that there are some key downside risks to our forecast. US... 10th December 2020 · 3 mins read
Commodities Update China’s commodity imports to remain resilient China’s commodity import volumes should hold up well in the coming months in part because ongoing fiscal support should continue to boost domestic demand. 7th December 2020 · 2 mins read
Commodities Weekly OPEC+ provides more questions than answers After much wrangling, this week OPEC+ agreed to a partial roll over of its current collective output cut into next year. But the obvious divisions between members of the group mean the question marks... 4th December 2020 · 7 mins read
Commodities Update Industrial metals price rally to fizzle out in 2021 Industrial metals prices have surged in recent weeks owing in large part to strong economic activity in China. And while prices should hold up during the first quarter next year, we think that they... 4th December 2020 · 2 mins read
Metals Chart Pack Metals on a tear, for now Industrial metals prices rallied in November. While we expect demand growth to stay strong in the months ahead, on the back of robust economic activity in China, we think that it will slow in 2021 as... 4th December 2020 · 6 mins read
Commodities Chart Pack Vaccines mean higher commodity demand in 2021 A flurry of positive news surrounding effective COVID-19 vaccines gave a lift to most commodity prices in November, as a faster easing of virus containment measures next year should provide a lift to... 1st December 2020 · 7 mins read
Commodities Weekly OPEC+ unlikely to spring a surprise All eyes in the oil market will be on the OPEC and OPEC+ meetings on Monday and Tuesday next week. Given the renewed imposition of virus-related restrictions in Western economies, the near-term... 27th November 2020 · 7 mins read
Industrial Metals Update Metals prices to run out of steam, despite vaccine We think that the withdrawal of fiscal stimulus in China will offset any vaccine-induced boost to metals demand in 2021. And with supply bouncing back, we expect the prices of industrial metals to dip... 27th November 2020 · 3 mins read
