Commodities Weekly Impact of Suez blockage likely to be short-lived Commodities markets were something of a mixed bag this week. The grounding of a container ship in the Suez Canal helped to prop up the prices of some commodities despite growing worries over the... 26th March 2021 · 6 mins read
Metals Data Response Global Steel Production (Feb.) Growth in global steel production declined in February y/y. And though base effects will distort growth rates for a while yet, we reckon that China’s steel output growth will start to slow before long... 23rd March 2021 · 2 mins read
Metals Data Response Global Aluminium Production (Feb.) Average daily global aluminium production inched up in February. And with ShFE and LME prices at multi-year highs, we expect production to continue growing in 2021. 22nd March 2021 · 2 mins read
Commodities Weekly Optimists need a little patience Commodities markets experienced a bit of a reality check this week, with prices falling despite little material change in the underlying demand and supply fundamentals. In the same way that optimism... 19th March 2021 · 5 mins read
Industrial Metals Update Tsingshan news to cap nickel price News on a potential breakthrough in the supply of nickel matte from Tsingshan has dampened nickel prices. Rather than a step-change in nickel market supply, we reckon that this development will simply... 17th March 2021 · 3 mins read
Commodities Weekly Tweaking our forecasts; the super-cycle debate Despite big moves in bond and equity markets, commodity markets were fairly subdued this week. Nevertheless, we expect oil prices to break higher again before long, and our new forecasts show them... 12th March 2021 · 8 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial crude stocks soared again last week as refinery throughput remained well below normal levels. Given that production has almost entirely recovered, stocks will probably rise further next... 10th March 2021 · 2 mins read
Commodities Update Rally in metals prices reminiscent of post-GFC Industrial metals prices have soared recently to multi-year highs. But we think the rally is unsustainable. In fact, it cements our view that slowing growth in China will drag prices lower by end-2021... 10th March 2021 · 3 mins read
Commodities Weekly Oil prices making up for lost time It was a relatively two-sided affair in commodities markets this week. On the one hand, oil prices rose on the back of greater-than-expected output restraint announced by OPEC+. And on the other hand... 5th March 2021 · 8 mins read
Metals Chart Pack Rally in industrial metals unlikely to last Most metals prices advanced in February, with the exception of gold and silver. However, we suspect that the current prices of industrial metals look overextended, especially given the recent run of... 3rd March 2021 · 6 mins read
Commodities Update US stimulus would be more positive for oil than metals President Biden’s ‘American Rescue Plan’ has been cited as one the key factors in the recent run-up in commodity prices. But even if it is passed in full, we think it will do little to boost commodity... 2nd March 2021 · 3 mins read
Commodities Chart Pack Investor optimism may prove short-lived Most commodity prices rose in February encouraged by falling COVID-19 infections and the vaccine rollout, which point to a recovery in economic activity and higher commodities demand later in the year... 1st March 2021 · 7 mins read
Commodities Weekly Bond market turmoil a wake-up call for commodities A spike in government bond yields and subsequent sell-off in equity markets caused the broad-based rally in commodity prices to go into reverse late in the week. That said, most industrial commodity... 26th February 2021 · 8 mins read
Metals Data Response Global Steel Production (Jan.) Growth in global steel production slowed in January, as China’s output growth fell back. However, output ex-China picked up and we expect further gains in the coming months, not least because of the... 25th February 2021 · 2 mins read
Energy Data Response US Weekly Petroleum Status Report Despite the plunge in crude oil production, US crude stocks rose last week as refinery throughput plummeted. We expect the former to recover more quickly, which will support stocks in the near term. 24th February 2021 · 2 mins read
Industrial Metals Update Recent price rally to boost aluminium output this year Global aluminium production rose in January. And with LME and ShFE prices near multi-year highs, we expect further gains in production this year, which will ultimately weigh on prices. 23rd February 2021 · 3 mins read
