Metals Chart Pack

Metals Chart Pack (May 2024)

Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. The strong rally in industrial metals prices seems stretched and, as a result, we expect prices to...

7th May 2024 · 1 min read

Commodities Weekly

Metals prices: a genuine breakout or overoptimism?

In a mixed week for commodity prices, copper topped $10,000 per tonne for the first time since April 2022. This is the latest in what has been a rip-roaring start to the year for non-ferrous...

26th April 2024 · 4 mins read

Industrial Metals Update

Russian metal ban won’t rock the boat

We think that any impact from the suspension of trading of Russian metal on the LME and CME is likely to be muted, given that trade flows have already shifted markedly and it is unlikely to impact...

15th April 2024 · 2 mins read

Industrial Metals Update

China property contraction to hit metals prices hard

In light of our China team’s new non-consensus view that an aggressive slowdown in property sector construction seems almost inevitable in the years ahead, we have revised our price forecasts. We now...

10th April 2024 · 4 mins read

Industrial Metals Update

Global Aluminium Production (Feb.)

The drop in global aluminium production in February should be a blip now that output curbs in China’s Yunnan province due to power constraints have been lifted.

20th March 2024 · 2 mins read

Industrial Metals Update

Global Aluminium Production (Jan.)

Global aluminium production was unchanged in January compared to December. This reinforces our view that production growth will soften this year.

20th February 2024 · 2 mins read

Industrial Metals Update

Europe's aluminium industry not dead yet

Higher aluminium prices and lower production costs should incentivise Europe’s smelters to restart some production in both 2024 and 2025. The introduction of CBAM in 2026 means prices will then...

15th February 2024 · 3 mins read

Metals Chart Pack

Metals Chart Pack (Feb. 2024)

Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. Industrial metals demand will recover this year, boosted by rate cuts and stabilising economic...

2nd February 2024 · 1 min read

Commodities Weekly

China metals demand; EU weighing Russia metals ban

It was generally a positive week for commodity prices and particularly for industrial metals prices. All major industrial metals finished the week higher, seemingly due to some improvement in risk...

26th January 2024 · 4 mins read

Industrial Metals Update

Real metals prices are high and have further to rise

Compared to their pre-pandemic averages, metals prices are high even after adjusting for inflation. We think that as green transition-related demand increases and monetary easing gets underway, real...

25th January 2024 · 4 mins read

Industrial Metals Update

Global Aluminium Production (Dec. & 2023)

Global aluminium production growth slowed to 2.3% in 2023 from 2.9% in 2022. We think softening output growth in China will cause global growth to fall back again this year.

22nd January 2024 · 2 mins read

Metals Chart Pack

Metals Chart Pack (Jan. 2024)

Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. Interest rate cuts across advanced economies this year will give some boost to economic activity...

3rd January 2024 · 1 min read

Industrial Metals Update

Global Aluminium Production (Nov.)

After hitting a new record in October, global aluminium production slipped back in November. We suspect that the new record will not be toppled in the coming months owing to power rationing in China...

20th December 2023 · 2 mins read

Metals Data Response

Global Aluminium Production (Oct.)

Global aluminium production rose in October and set a monthly record. This is unlikely to be broken over the next few months as China’s output should fall as smelters curb output over winter.

20th November 2023 · 2 mins read

Commodities Chart Pack

Commodities Overview Chart Pack (Nov. 2023)

Our Commodities Overview Chart Pack has been updated with the latest data and our analysis of recent developments. Energy and precious metal prices will remain volatile while there is a risk that the...

3rd November 2023 · 1 min read