Metals Data Response Global Aluminium Production (May) If reports of a forthcoming easing of output restrictions in Yunnan province are accurate, then the ongoing slowdown in China’s aluminium production growth could come to an end soon. Much will also... 20th June 2023 · 3 mins read
Commodities Weekly US data the key driver of prices next week Dealmaking was a major driver of commodity prices this week. The 11th hour extension of the Black Sea Grain Initiative alleviated fears of Ukraine’s grain exports being cut off from world markets... 19th May 2023 · 6 mins read
Metals Demand Monitor Metals Demand Monitor (Feb.) Our in-house metals demand proxies show that growth held steady in February. While growth will accelerate in the coming months due to base effects, we think that underlying demand is more subdued. 18th May 2023 · 2 mins read
Commodities Chart Pack Demand concerns a lingering headwind for prices Most commodity prices have moved lower over the past month as concerns about demand have intensified and risk appetite has soured. We think prices will continue to struggle over the next few months as... 16th May 2023 · 13 mins read
Metals Data Response Global Aluminium Production (Mar.) Global production growth y/y slowed in March and came close to stalling. In fact, excluding China, global production growth was 0%. These latest data are consistent with our view that output growth... 20th April 2023 · 2 mins read
Metals Demand Monitor Metals Demand Monitor (Jan.) Our in-house demand proxies for industrial metals picked up at the start of 2023, which is consistent with China re-opening and resilient macroeconomic data in most advanced economies. What’s more, we... 19th April 2023 · 2 mins read
Commodities Outlook The energy crisis is over, but prices to stay elevated We expect most commodity prices to drift lower in the near term as advanced economies enter mild recessions and financial market risk aversion persists. A stronger US dollar will also weigh on prices... 31st March 2023 · 41 mins read
Metals Data Response Global Aluminium Production (Feb.) Stripping away calendar effects, global aluminium production increased slightly last month. We expect output to continue to grow steadily this year, mostly in response to rising demand in China. 20th March 2023 · 3 mins read
Commodities Update China’s oil imports to pick up from here China’s imports were weak in January-February, but commodity imports fared better. What’s more, we think crude oil imports, in particular, will pick up from here given the resurgence in travel demand. 7th March 2023 · 2 mins read
Metals Data Response Global Aluminium Production (Jan.) Global aluminium production fell slightly in January compared to December, although the bigger picture is one of fairly steady production since the middle of last year. We expect production to respond... 20th February 2023 · 3 mins read
Metals Data Response Global Aluminium Production (Dec.) Global aluminium production growth slowed to 2% in 2022 from 2.7% in 2021. We forecast that weaker output growth in China and another difficult year in Europe will lead to even softer growth this year... 20th January 2023 · 2 mins read
Commodities Weekly New year, same trends Most commodity prices declined this week, with energy prices falling especially sharply. Unseasonably mild weather in Europe and the US weighed on heating demand, prompting a plunge in gas prices. The... 6th January 2023 · 6 mins read
Commodities Weekly All eyes will remain on China It was a fairly quiet week in commodity markets. The only notable move was a slump in natural gas prices. The EU eventually agreed its long-discussed natural gas price cap early in the week, but it... 23rd December 2022 · 6 mins read
Metals Data Response Global Aluminium Production (Nov.) A low base in 2021 is driving an increase in global aluminium output this year, but the bigger picture is that growth in supply is slowing as high power costs and soft demand take their toll. 20th December 2022 · 2 mins read
Metals Data Response Global Aluminium Production (Oct.) While the latest year-on-year increase in global aluminium production is suggestive of an improving supply environment, output actually fell in absolute terms and probably has further to fall from... 21st November 2022 · 2 mins read
Industrial Metals Update Aluminium price to edge higher despite recession As the global economy tips into recession, aluminium demand growth will remain weak next year. However, we think supply growth will be even softer, pushing stocks lower and the price higher. 20th October 2022 · 4 mins read