Commodities Outlook Weak market fundamentals; geopolitics the wildcard Most energy and industrial metals prices will fall in 2025 as structural headwinds to demand build and supply rises. Geopolitical developments remain a key uncertainty and it is easy to think of... 13th December 2024 · 23 mins read
Commodities Outlook Soft demand + extra supply ⇒ lower prices We expect most commodity prices to fall next year and our forecasts are generally below consensus. The biggest upside risk to our energy price forecasts stems from the potential for an escalation in... 24th September 2024 · 24 mins read
Commodities Update Grain prices set to fall (if La Niña doesn’t get in the way) While media attention has been on the soaring prices of coffee and cocoa, the prices of many grains have slid lower since the start of the year. We think that prices will fall further by the end of... 18th September 2024 · 3 mins read
Commodities Outlook Commodity prices to fall back We forecast most commodities prices to fall next year – despite falling interest rates and faster global GDP growth – as numerous supply constraints ease and a crunch in Chinese construction begins to... 27th June 2024 · 21 mins read
Commodities Weekly Natural gas and grains prices give way The plunge in natural gas prices breathed some life into what was otherwise a relatively quiet week in commodity markets. Prices have fallen heavily in most major gas markets as stocks remain high for... 16th February 2024 · 6 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 Ukraine’s grain exports will struggle to stay afloat The price of wheat and corn will stay historically high for now, as Russia’s withdrawal from the Black Sea Grain Initiative has re-ignited concerns about supply from Ukraine. We think that prices will... 11th October 2023 · 4 mins read
Commodities Weekly Tightening oil market; Myanmar’s tin mining ban It’s been a mixed week for commodity prices. Industrial metals price generally struggled as activity surveys for China paint a grim picture of demand. (See Chart 1.) We suspect prices will tread water... 4th August 2023 · 4 mins read
Commodities Focus Lower agriculturals supply will mean higher prices for longer The outlook for global agricultural supply has deteriorated since the start of the year as a result of extreme weather, the end of the Black Sea Grain Initiative, the prospect of an El Niño weather... 4th August 2023 · 13 mins read
Commodities Weekly Upside risks to our agricultural price forecasts In a week when the US dollar strengthened and the 2-year US Treasury yield rose, agricultural and energy commodity prices still climbed on the back of supply concerns. In the case of agriculturals... 21st July 2023 · 4 mins read
Commodities Weekly A last-minute Black Sea grains deal is not guaranteed For the most part, commodity prices rose this week. A weaker US dollar in the wake of a lower-than-expected June CPI reading in the US was a key factor boosting prices. Not surprisingly, the prices of... 14th July 2023 · 5 mins read
Commodities Update El Niño unlikely to fire up the price of all staples El Niño is coming but the picture is more nuanced than one of doom and gloom for global production of all crop types. For corn, soybeans, wheat and rice, larger harvests in some regions can outweigh... 14th July 2023 · 4 mins read
Commodities Weekly US crude exports rise; China’s demand to drive prices There wasn’t a consistent direction to commodity prices this week. Natural gas prices in Europe and Asia rose, indicating stronger competition for LNG cargos. Meanwhile, most industrial metals prices... 30th June 2023 · 4 mins read
Commodities Weekly Growing upside risks to our grains price forecasts With the Fed still hinting at more interest rate increases, the dollar strengthened and contributed to declines across most commodity prices this week. One of the few prices that did increase was the... 23rd June 2023 · 4 mins read
Commodities Weekly Data and debt ceiling to move prices next week Commodity prices generally fell this week, as investors’ expectations for the Federal Reserve’s policy rate rose on concern about the persistence of high inflation. The dollar also strengthened... 26th May 2023 · 6 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
