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
Energy Data Response US Weekly Petroleum Status Report US crude stocks declined for their third straight week, although by less than in previous weeks. As demand continues to revive and US production treads water, we expect stocks to fall in the weeks... 12th August 2020 · 2 mins read
Commodities Weekly Downside risks building Upbeat manufacturing data from the US and China bolstered risk appetite this week, helping the prices of industrial commodities record another strong week. However, precious metals prices also did... 7th August 2020 · 8 mins read
Energy Update US crude production to tread water later this year Weekly data for June and July point to a slight recovery in US crude oil production from May’s depressed level of 10m bpd. We expect output to remain subdued for the rest of 2020. 6th August 2020 · 3 mins read
Commodities Weekly All eyes on the next US fiscal package Mounting signs of a rapid rebound in the Chinese manufacturing and construction sectors, as well as a further depreciation in the US dollar, offered some support to industrial commodity prices this... 31st July 2020 · 7 mins read
Energy Data Response US Weekly Petroleum Status Report A drop in net imports, combined with rising refinery throughput led to a huge fall in crude stocks last week. Although unlikely to be of the same magnitude, we suspect that stocks will continue to... 29th July 2020 · 2 mins read
Energy Outlook Energy demand to remain subdued for some time yet The partial easing of coronavirus containment measures has allowed energy demand and prices to pick up from the lows recorded earlier this year. That said, we anticipate that the recovery in energy... 29th July 2020 · 18 mins read
Commodities Outlook China to the rescue The ongoing recovery in economic activity – from lows earlier this year – will support the prices of most commodities in the second half of 2020 and into 2021. We are particularly positive on the... 29th July 2020 · 1 min read
Commodities Ultra-low real yields to keep gold elevated Despite some jitters in equity markets, commodity prices generally ended the week higher. In what is becoming a well-worn pattern, optimism about a robust economic recovery continued to build – this... 24th July 2020 · 8 mins read
Commodities Update Lower real yields to support a higher gold price We have raised our forecast for the gold price, as we expect real yields to drift a little lower and remain low for some time. We now think that the price of gold will finish the year at $1,900 per... 21st July 2020 · 3 mins read
Metals Data Response Global Aluminium Production (Jun.) Global aluminium output growth slowed slightly in June. However, given the colossal hit to demand seen in the first half of the year, we still expect the market to be hugely oversupplied this year. 20th July 2020 · 2 mins read
Commodities Weekly Prices in a narrow range amid virus concerns A raft of positive Chinese economic data this week offered some support to commodity prices, but concerns about the rise in coronavirus infections in the US and in Latin America prevented any... 17th July 2020 · 7 mins read
Industrial Metals Update New LME data confirm aluminium stockpile overhang New data released by the London Metal Exchange (LME) confirm our view that there has been an increase in off-exchange stocks this year, particularly for aluminium. Admittedly, there are limitations to... 16th July 2020 · 3 mins read
Commodities Weekly Broad-based recovery leaving energy behind The prices of most commodities rose this week, with the exception of energy. In particular, industrial metal prices rose alongside Chinese equities. Elsewhere, the European economic recovery is... 10th July 2020 · 7 mins read
Industrial Metals Update Still hard to be positive on lead in the long run We recently raised our price forecasts for base metals, including lead, as we now forecast a quicker economic rebound in China. And though we expect lead’s near-term price recovery to be driven by... 8th July 2020 · 3 mins read
Metals Chart Pack A brighter backdrop ahead for industrial metals June was another good month for industrial metals. The prices of base metals made further gains, although those used in steel alloys (e.g. zinc and nickel) performed less well as wet weather in... 3rd July 2020 · 6 mins read
