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
Commodities Chart Pack Commodities Overview Chart Pack (Aug. 2023) This new Chart Pack has been designed to replace our Chart Book in response to client feedback to make our insights more accessible, and with more options to incorporate them into your workflow. Use... 9th August 2023 · 1 min 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
Metals Data Response Global Steel Production (Jun.) Global steel production growth picked up in June, albeit only to a pace consistent with stagnant growth. With the rise in output in China on shaky ground and weak demand beginning to weigh on supply... 25th July 2023 · 2 mins read
Commodities Update China’s PMIs suggest commodities demand is subdued China’s PMI aren’t consistent with some of the worst fears around China’s reopening recovery and weak commodities demand. But neither are they positive enough to warrant the boost to prices, such as... 3rd July 2023 · 2 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 Outlook Energy prices to buck the downbeat trend We expect most commodity prices to struggle this year against a backdrop of a stronger dollar and deteriorating investor risk appetite. Energy-related commodities will be the exception. We expect... 29th June 2023 · 31 mins read
Metals Data Response Global Steel Production (May) Global steel production fell sharply in y/y terms in May. Against the backdrop of subdued demand and stringent supply caps in China, the supply outlook over the next few months appears bleak. 21st June 2023 · 2 mins read
Commodities Weekly China stimulus a possible lifeline for metals demand Most prices rose this week, helped by a weaker dollar, stronger-than expected US retail sales in May and interest rate cuts by the People’s Bank of China. Natural gas prices rose particularly sharply... 16th 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
Metals Data Response Global Steel Production (Apr.) Steel mills reduced output in April in y/y terms, meaning that global production is down year-to-date. We think that producers will continue to limit output for a few more months due to tepid demand. 23rd May 2023 · 2 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 Steel Production (Mar.) There were clear signs of a pick-up in global steel production in March, led by China, but output in the EU also ticked up. However, the rise in supply is going hand in hand with increasing stocks. We... 21st April 2023 · 2 mins read
