Metals Data Response Global Aluminium Production (Aug.) Global aluminium output remained strong in August. Production should rise in the coming months as new capacity comes on stream in China, which should act as a lid on prices. 21st September 2020 · 2 mins read
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
OPEC Watch OPEC Monthly Oil Market Report (Sep.) OPEC’s oil production rose sharply in August on the back of higher output quotas. However, if concerns persist about global oil demand, which was discussed at length at yesterday’s JMMC meeting, then... 18th September 2020 · 3 mins read
Industrial Metals Update US steel price to make further gains The price of US steel has surged recently, and we think that the price will continue to rise in the year ahead as demand picks up at a time of constrained supply. 15th September 2020 · 3 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
Industrial Metals Update Iron ore price rally to peter out in 2021 A combination of strong demand from China and a slow recovery in global production from its virus-related trough means that the price of iron ore is likely to remain elevated for the remainder of this... 11th September 2020 · 3 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
Energy Chart Pack Oil prices going nowhere fast Energy prices continued to recover in August, but they are still trailing other commodity asset classes as well as other risky assets, such as US equities. We expect that prices for the most part will... 3rd September 2020 · 6 mins read
Commodities Chart Pack On the way up, but we expect bumps in the road Ongoing fiscal stimulus in China, coupled with the recent depreciation of the US dollar, is boosting commodity prices. China’s commodity imports are also growing strongly, but we suspect that the pace... 2nd 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
Energy Data Response US Weekly Petroleum Status Report US crude stocks dropped again last week owing primarily to a collapse in net imports. Stocks should decline next week too since Hurricane Laura has forced most production in the Gulf of Mexico offline... 26th August 2020 · 2 mins read
Energy Update US natural gas price to rise a little A recovery in demand at a time of constrained supply will put downward pressure on US natural gas stocks and provide a small lift to prices in 2021. 25th August 2020 · 3 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
Energy Update LNG prices to continue to climb higher A combination of stronger demand and higher oil prices will support the spot price of Asian LNG over the next year and a half. 20th August 2020 · 3 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
Commodities Update The USDA is too optimistic on agricultural demand The recovery in China’s hog herd will support demand for corn and soybeans in 2020/21. However, our demand forecasts are not as rosy as the USDA’s and, in any case, a strong rebound in supply will... 13th August 2020 · 3 mins read
