Commodities Update Aside from oil, China’s imports on solid ground China’s commodity imports mostly rose in November, but there was a sharp drop in crude oil imports. We think that non-oil commodity import volumes will hold up in the coming months on the back of... 7th December 2023 · 2 mins read
Commodities Update China’s PMIs may be understating commodity demand China PMI surveys suggest that the economy flatlined in November, but there was good news for commodity demand with the relative strength in the construction PMI. We suspect that underlying activity... 1st December 2023 · 2 mins read
Industrial Metals Update Panama protests against copper production Protests against a large copper mine have raged in Panama over the past few weeks. If mine production ceased, there would be noticeable impact on global supply but the risk of this happening is small... 9th 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
Commodities Update China PMIs suggest metals prices to hold steady The PMI surveys released so far for China weakened in October with the manufacturing PMIs falling back into contractionary territory. We think China’s demand for commodities will be supported by... 1st November 2023 · 3 mins read
Commodities Update China's commodity demand remains rock solid China imported fewer key commodities in September than in August, but its underlying demand for commodities, especially fossil fuels, remains strong and is only likely to strengthen from here. 13th October 2023 · 2 mins read
China Economics Update Why is China’s commodities demand so strong? China’s recent commodity demand has been stronger than might have been expected given the weakness of its economy and commodity-intensive property sector in particular. This partly reflects a step-up... 12th October 2023 · 5 mins read
Industrial Metals Update Supply to drive relative copper/nickel price dynamics The trend of rapid increases in industrial metals supply this year is likely to unwind over the next few years for copper, but we think nickel supply growth will remain robust. We think that... 5th October 2023 · 4 mins read
Commodities Weekly Commodity prices fire up across the board The mood was upbeat in commodity markets this week, with prices rising across all sectors. Oil stood out, with the price in the US cracking $90 per barrel for the first time this year. Higher oil... 15th September 2023 · 5 mins read
Commodities Update China’s surge in commodity imports likely to moderate China’s commodity import volumes rose strongly in August compared to July. Crude oil imports were probably supported by the ongoing recovery in the aviation sector, which we expect to continue in... 7th September 2023 · 2 mins read
Commodities Weekly Oil prices hit a great wall, metals await stimulus Commodity prices generally fell this week, dragged down by a surging dollar and data that showed China’s economy struggled in July. Asia LNG and EU natural gas prices were the exception, rising as the... 18th August 2023 · 5 mins read
Industrial Metals Update China stimulus not a silver bullet for industrial metals The outlook for industrial metals demand has deteriorated alongside the weakening of China’s economy this year, particularly in the property sector. Monetary and fiscal stimulus might paper over the... 16th August 2023 · 3 mins read
Commodities Weekly Natural gas prices strike higher Natural gas prices were the biggest mover in commodity markets this week, jumping higher on the back of news of potential industrial action at LNG plants in Australia. We don’t think gas prices in... 11th August 2023 · 5 mins read
Metals Chart Pack Metals Chart Pack (Aug. 2023) We expect targeted stimulus in China to put a floor under base metals prices in the remainder of 2023. But the slowdown in developed economies (DMs) will prevent significant gains. Prices should start... 8th August 2023 · 1 min read
Commodities Update China’s commodity imports falter but won’t collapse China’s commodity import volumes fell in July compared to June. Policy support should help lift metals imports over the next few months. And although crude oil imports fell sharply, we think that... 8th August 2023 · 2 mins read
Industrial Metals Update El Niño likely to add to supply woes The widely-differing impact of El Niño across continents means that the net effect on global mining output is not clear cut. On balance, though, the likelihood is that it will lead to lower ore output... 18th July 2023 · 3 mins read