Commodities Weekly Biden’s State of the Union might boost metals prices Abnormally cold temperatures in the US, particularly Texas, have forced a significant share of US oil wells and refineries offline this week. Oil prices initially surged on the back of this disruption... 19th February 2021 · 7 mins read
Industrial Metals Update Tin’s rally to fizzle out by end-2021 Supply disruptions and strong electronics demand have lifted the tin price from its virus-induced lows. But we anticipate that a switch in consumer spending away from goods towards services once... 12th February 2021 · 3 mins read
Commodities Weekly Revising up our end-year oil price forecast The price of Brent crude oil breached the $60 per barrel mark this week for the first time in over a year, in a continuation of its strong performance since COVID-19 vaccines were announced in... 12th February 2021 · 7 mins read
Industrial Metals Update Demand to be primary driver of lower iron ore price Despite our relatively conservative forecast of supply growth, we still think that the price of iron ore will fall sharply this year owing to slower growth in China’s demand. 10th February 2021 · 3 mins read
Commodities Weekly Silver briefly in the spotlight … In an otherwise fairly quiet week, some wild gyrations in the silver market were the focus of investor attention. Starting late last week, the price of silver surged by 20% to reach a multi-year high... 5th February 2021 · 7 mins read
Precious Metals Update Just another spell of volatility for the silver price Many media reports have linked silver’s recent price volatility to last week’s targeted buying of a handful of small US equities by retail investors. But we reckon that it marks just another bout of... 4th February 2021 · 3 mins read
Precious Metals Update Physical demand to bolster gold prices in 2021 Despite a surge in gold prices last year, physical demand for gold fell precipitously. But we think that a brighter economic outlook will boost consumer demand this year and help to prop up the gold... 2nd February 2021 · 2 mins read
Commodities Weekly Quiet week offers a chance to reflect on our forecasts It was another largely uneventful week in commodity markets. For all the talk of an impending ‘super cycle’, the prices of most commodities have generally continued to struggle to extend the large... 29th January 2021 · 8 mins read
Metals Outlook 2021 to be a year of two halves Industrial metals prices had a stellar 2020, with prices ending the year higher than where they started. But just as China’s strong economic recovery lifted metals prices in 2020, so will China’s... 28th January 2021 · 19 mins read
Metals Data Response Global Steel Production (Dec. and 2020) Growth in global steel production climbed in December, once again led by a rise in China’s output. We expect growth in China’s output to slow in 2021, while ex-China output should recover lost ground. 26th January 2021 · 2 mins read
Commodities Weekly Investor buying will support prices, for now Despite some parts of China re-introducing lockdown measures and reported virus cases around the world continuing to spiral upwards, the prices of most commodities held up well this week as investor... 22nd January 2021 · 7 mins read
Commodities Outlook Oil to outperform in 2021 In a reversal of the trend in 2020, we expect oil prices to rise this year and the prices of industrial metals and agriculturals to fall. We suspect that oil demand, particularly in developed... 22nd January 2021 · 23 mins read
Metals Data Response Global Aluminium Production (Dec.) Global aluminium production grew again in December. After a stellar 2020, we suspect that China will continue to lead the way in dragging global aluminium output growth even higher in 2021. 20th January 2021 · 2 mins read
Commodities Weekly Time for a reality check After the broad-based rally of the last few weeks, the prices of many industrial commodities dipped a little this week, reflecting concerns about rising new virus cases and the widespread tightening... 15th January 2021 · 7 mins read
Commodities Update Agricultural price rally to go into reverse by end-year We think that the surge in many agricultural commodity prices is somewhat overdone. Although ending stocks for the major grains and soybeans will be lower in the year ahead, they will still be... 15th January 2021 · 2 mins read
Commodities Update After a stellar 2020, China’s imports to ease back The latest China trade data showed that commodity import volume growth eased back a little in December. But tailwinds from 2020’s stimulus should keep import volumes strong for a while yet. 14th January 2021 · 2 mins read
