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
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 Weekly Oil will be scarcer than previously expected The surprise announcement last weekend by OPEC+ countries that they would make voluntary oil production cuts, even before the OPEC advisory committee met on Monday, pushed oil prices higher by about... 6th April 2023 · 6 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
Industrial Metals Update US steel prices on a tear, but not for long The ongoing rally in the US steel price appears supply-driven and will, most likely, be short-lived. We expect the rally to fizzle out and go into reverse as the US economy slides into recession. 30th March 2023 · 2 mins read
Metals Data Response Global Steel Production (Feb.) There were a few positive signs in February’s steel production figures; output in China grew healthily and production in advanced economies (DMs) appears to have troughed. However, any rebound in DM... 23rd March 2023 · 2 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 Steel Production (Jan.) Global steel output remained depressed in January and is unlikely to pick up markedly in the coming months. However, a rebound in China’s demand and lower power costs in Europe should prompt some... 22nd February 2023 · 2 mins read
Commodities Weekly Russian petroleum product exports to struggle The EU’s ban on imports of Russian petroleum products will come into force on Sunday, which could raise EU fuel prices and weigh on Russia’s product exports. However, we suspect Russia will offer... 3rd February 2023 · 6 mins read
Metals Data Response Global Steel Production (Dec. & 2022) Global steel output slumped in December and fell sharply in 2022 as a whole. With demand likely to be weak, at least in the first half of 2023, we do not expect a marked rebound any time soon. 31st January 2023 · 2 mins read
