Commodities Update China’s “buying spree” suits its needs China is ramping up its purchases of US energy and agricultural products as promised in the Phase One trade deal. But instead of reflecting a desire to meet its obligations to the US, we think China’s... 28th September 2020 · 3 mins read
Commodities Weekly Fears of a W-shaped recovery to hold back prices It was another wobbly week in commodity markets as prices generally fell, largely on the back of a deterioration in investor risk appetite. Most equity markets sold off and the US dollar strengthened... 25th September 2020 · 7 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial crude stocks dipped as net imports eased back and production edged lower. Product stocks also fell, in part due to lower refinery activity but also as a result of a tick-up in implied... 23rd September 2020 · 2 mins read
Commodities Weekly What a difference a week makes Oil prices surged by around 10% this week on the back of not very much. Admittedly, OPEC declared that it would clamp down on non-compliant members and re-iterated that it would do what it takes to... 18th September 2020 · 7 mins read
Energy Data Response US Weekly Petroleum Status Report The restart of refineries following Hurricane Laura explains last week’s fall in crude stocks. With another hurricane on its way, it will be some time before a clear picture emerges of the state of US... 16th September 2020 · 2 mins read
Commodities Weekly Oil prices facing an uphill battle Concerns about demand and a move away from ‘risky’ assets, including equities, dragged both energy and industrial metal commodity prices lower this week. In the oil market, we think that any further... 11th September 2020 · 7 mins read
Commodities Update Strength in China’s commodity imports here to stay China’s commodity import volumes remained high in August, reflecting the broader recovery in economic activity. We expect commodity demand to remain strong in the coming months but import volumes may... 7th September 2020 · 2 mins read
Commodities Weekly China to save the day! Despite further signs of strength in China’s manufacturing sector, the prices of most industrial commodities – as well as gold and silver – fell this week owing in large part to an appreciation of the... 4th September 2020 · 7 mins read
Metals Chart Pack Metals prices on a roll Industrial metals rallied strongly in August on the back of encouraging economic data out of China and some depreciation of the US dollar. By contrast, the price of gold eased back, after hitting an... 4th September 2020 · 7 mins read
Commodities Chart Pack On the way up, but we expect bumps in the road Ongoing fiscal stimulus in China, coupled with the recent depreciation of the US dollar, is boosting commodity prices. China’s commodity imports are also growing strongly, but we suspect that the pace... 2nd September 2020 · 7 mins read
Commodities Update China’s PMIs underpin the strength in metals prices China’s August PMI readings support our view that the economy will return to its pre-virus trend by the end of this year, which is positive for almost all commodities prices, but especially industrial... 1st September 2020 · 2 mins read
Commodities Weekly Prices may stutter if the economic revival loses steam The Fed’s move to a “flexible form of average inflation targeting” announced at this week’s Jackson Hole is broadly positive for commodities prices. It points to ultra-loose US monetary policy for... 28th August 2020 · 8 mins read
Commodities Weekly Recovery in demand running into roadblocks Industrial metals prices pushed higher this week, while the prices of oil and gold were broadly flat. For now, the robust recovery in Chinese demand for metal still seems to be enough to offset weaker... 21st August 2020 · 7 mins read
Commodities Weekly Rally in precious metals taking a breather The nine-week, gold-led rally in the precious metals faltered this week. We had warned that gold was looking a bit expensive, and that prices were vulnerable to a slight correction. While real bond... 14th August 2020 · 7 mins read
Commodities Weekly Downside risks building Upbeat manufacturing data from the US and China bolstered risk appetite this week, helping the prices of industrial commodities record another strong week. However, precious metals prices also did... 7th August 2020 · 8 mins read
Metals Outlook Post-GFC-style revival to continue, for now … Despite base metals prices already nearing pre-virus levels, we think that the rally has further to run. The key factor underpinning our positive outlook is the planned policy stimulus in China, much... 31st July 2020 · 19 mins read
