Metals Chart Pack Hoping for some better times ahead Signs of a recovery in industrial commodity demand were emerging at the beginning of 2020. Indeed, the economic data have improved and investor concern surrounding the US-China trade war has eased... 6th February 2020 · 7 mins read
Metals Outlook Recovery still base case, but coronavirus big risk A sharp decline in China’s economic growth in Q1 as a result of the coronavirus outbreak now seems certain. This will be a significant negative for metals demand, as China is the world’s single... 5th February 2020 · 18 mins read
Precious Metals Update Turnaround in global growth to hit gold demand If the coronavirus is eventually brought under control, we think that 2020 will mark a turnaround for gold demand. ETF inflows are likely to shrink as a more benign macroeconomic backdrop stunts safe... 4th February 2020 · 3 mins read
Commodities Chart Pack Virus fears to drive prices for some time yet Commodity prices, and energy prices in particular, have been hard hit by the outbreak of coronavirus in China and the prospect of lower global commodities demand. There is still too much uncertainty... 4th February 2020 · 7 mins read
Commodities Weekly Coronavirus continues to plague commodities Commodity prices lost ground last week, as the rapid spread of the Wuhan coronavirus has dented China’s near-term growth prospects. Indeed, both oil and base metals prices have fallen 10% from their... 31st January 2020 · 7 mins read
Precious Metals Update Palladium dancing to its own tune Palladium’s blistering price rally has probably run its course, but we expect prices to remain close to historic highs in 2020. The market is mired in a deficit and demand growth looks set to remain... 30th January 2020 · 3 mins read
Commodities Outlook Cautiously optimistic A gradual rebound in global economic growth and, in many cases, constrained supply mean that we are broadly positive on the outlook for most commodity prices in 2020-21. One exception is the price of... 27th January 2020 · 25 mins read
Commodities Weekly Coronavirus highlights fragility of price recovery Fears that the outbreak of a new coronavirus in China could dent demand hit industrial commodity prices hard this week, erasing almost all year-to-date gains. We don’t pretend to be experts on public... 24th January 2020 · 7 mins read
Commodities Weekly Wait and see … The lukewarm market reaction to the signing of the Phase One trade deal between the US and China lends weight to our view that an agreement had already been priced by commodities markets. For our part... 17th January 2020 · 7 mins read
Precious Metals Update Gold set to lose Midas touch While the price of gold remains elevated at present, we think it’s only a matter of time before it begins to ease back. Subdued gold imports in China and India and softer safe-haven demand should... 14th January 2020 · 3 mins read
Commodities Weekly Devil in the detail of US-China trade deal Oil prices yo-yoed last week, as US-Iran warmongering faded almost as quickly as it started. Similarly, the price of gold spiked, but ended the week unchanged. Meanwhile, the market reaction to the... 10th January 2020 · 7 mins read
Metals Chart Pack Settling in for some near-term weakness December was a relatively strong month for both precious and industrial metals, with prices rising almost across the board. A weaker US dollar and safe-haven buying buoyed gold prices, while base... 9th January 2020 · 7 mins read
Commodities Chart Pack December’s moves point to better times ahead The prospect of a ‘Phase One’ trade deal between the US and China buoyed commodity prices in December. Although we expect trade tensions to remain elevated, we think that most commodity prices will... 6th January 2020 · 7 mins read
Commodities Weekly US-Iran tensions to take centre stage Oil prices received a shot in the arm following Friday’s assassination of Qassem Soleimani, a top ranking Iranian general. Regardless of geopolitical events, we expect constrained supply growth and a... 3rd January 2020 · 7 mins read
Commodities Weekly Commodities end the year on a high Most commodity prices rose this week, in part owing to the release of strong Chinese activity data. Lingering optimism following the announcement of a US-China “Phase One” trade deal at the end of... 20th December 2019 · 7 mins read
Energy Update US commercial crude stocks to taper off in 2020 US commercial crude stocks remained high in 2019 owing principally to strong domestic production and increased Strategic Petroleum Reserve (SPR) releases. Looking ahead, we think that a further rise... 20th December 2019 · 2 mins read
