Metals Data Response Global Aluminium Production (Apr.) Average daily global aluminium production was unchanged in April, but we continue to expect that output will increase this year given current high prices and premiums. 20th May 2021 · 2 mins read
Commodities Weekly The price rally may be starting to run out of steam Aside from coal and natural gas, the prices of most commodities fell this week in tandem with the declines in global equity markets. Investors are concerned about rising inflation, particularly in the... 14th May 2021 · 6 mins read
Commodities Update China’s FYP points to lower global agricultural prices There are three overarching themes present in the agriculture document associated with China’s 14th Five-Year Plan – improving food security, continuing with the modernisation of the rural economy and... 13th May 2021 · 4 mins read
OPEC Watch OPEC Monthly Oil Market Report (May) OPEC’s overall production was largely unchanged in April, as most producers remained disciplined. However, compliance could slip later in the year if we are right and there is a surge in demand. 11th May 2021 · 3 mins read
Commodities Weekly Rally in metals prices looking increasingly stretched Commodity prices pushed higher yet again this week. Most notably, the seemingly unassailable climb in industrial metals prices saw the price of copper push above $10,000 per tonne for the first time... 7th May 2021 · 6 mins read
Energy Outlook A recovery in demand to support prices The rebound in global economic activity this year will lead to a strong pick-up in demand for energy commodities. Arguably, this has already happened in the gas and coal markets as industrial activity... 4th May 2021 · 19 mins read
Commodities Weekly The demand outlook remains uncertain It was another good week for commodity prices, with the exception of precious metals. Somewhat better-than-expected Q1 GDP and survey data, particularly in the euro-zone, was one factor fuelling... 30th April 2021 · 6 mins read
Metals Outlook Industrial metals prices to fall from current highs Although we anticipate a strong global economic recovery in 2021, our forecast of a slowdown in China’s economy means that we still expect industrial metals prices to end the year lower. At the same... 28th April 2021 · 19 mins read
Commodities Outlook Investor-led rally running out of road Following a spectacular rebound from pandemic-induced lows, we continue to expect that most commodity prices will be falling again by end-2021. Although growth in demand should be strong as the global... 27th April 2021 · 2 mins read
Commodities Weekly Rising risks to supply of agriculturals Most commodity prices increased this week, with the prices of agricultural commodities rising particularly strongly. The prices of corn, soybeans and wheat surged, reaching new multi-year highs on the... 23rd April 2021 · 6 mins read
Metals Data Response Global Steel Production (Mar.) Global steel production continued to rise in March, no doubt incentivised by high prices. Growth in demand in some key markets, such as the US and China, has been strong, but we suspect that... 22nd April 2021 · 2 mins read
Commodities Weekly Slew of positive data gives fresh fuel to price rally Most commodity prices rose this week following a batch of positive economic data releases. Oil prices were up particularly strongly on the back of a larger-than-expected weekly decline in US crude... 16th April 2021 · 6 mins read
Energy Chart Pack Oil prices to climb higher, despite recent setbacks Strong growth in industrial demand helped push up the prices of energy commodities used primarily in power generation last month, but oil prices slipped back. We continue to expect average energy... 12th April 2021 · 7 mins read
Metals Chart Pack The outlook for metals darkens Aside from the temporary blockade of the Suez Canal, March was a relatively uneventful month for industrial metals prices. Nevertheless, we still expect prices to fall this year as mine supply... 9th April 2021 · 6 mins read
Commodities Weekly Mixed economic outlook poses a quandary for prices It was a relatively quiet week in commodities markets, with weakness in the US dollar giving agricultural commodities, in particular, a bit of a lift. We think markets could struggle to find a clear... 9th April 2021 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report Commercial crude stocks continued to fall in the latest weekly data, but this was a reflection of lower supply and higher exports than a recovery in consumer demand. However, all the signs point to... 7th April 2021 · 2 mins read
