Commodities Weekly A pause for thought … The recent rally in most commodity prices stalled this week at least in part due to concerns about the scale of virus infections, particularly in the US. A stronger US dollar, falls in US equity... 12th June 2020 · 7 mins read
Energy Update OPEC+ is obviously worried about demand As expected, OPEC+ extended its 9.7m bpd production cut for another month (until end-July). Given that prices have rallied strongly in recent weeks, the group’s caution reflects the still-high level... 8th June 2020 · 2 mins read
Commodities Weekly The green shoots of recovery taking hold The prices of most commodities prices rose this week, as signs emerged that developed economies may be past the worst of the initial economic hit from the coronavirus. Stronger-than-expected US... 5th June 2020 · 7 mins read
Commodities Update Natural rubber to regain some of its bounce by 2021 Consumption of natural rubber (NR) will be hit by sharply lower vehicle production this year. That said, we think that a revival in both demand and oil prices later in the year should give a lift to... 5th June 2020 · 3 mins read
Metals Chart Pack Recovery in industrial metals has further to run May was a good month for metals prices. The ongoing revival in economic activity in China helped to lift the prices of most industrial metals, while investment demand for precious metals remained... 3rd June 2020 · 7 mins read
Commodities Chart Pack Prices to pick up as demand slowly revives The prices of most commodities rose in May on the back of the ongoing recovery in China’s economic activity and a gradual easing of lockdown conditions in the US and Europe. We think that most prices... 2nd June 2020 · 8 mins read
Commodities Weekly Renewed US-China tensions cloud price outlook The close of China’s National People’s Congress (NPC) yesterday brought with it little in the way of additional news, leaving the huge fiscal stimulus announced last Friday – which was unambiguously... 29th May 2020 · 7 mins read
Commodities Watch Chinese stimulus not enough to prompt a price rally China’s stimulus spending in 2009 in the wake of the Global Financial Crisis (GFC) prompted a dramatic recovery in commodity prices. In this Commodities Watch, we discuss the stimulus plans outlined... 29th May 2020 · 5 mins read
Energy Data Response US Weekly Petroleum Status Report We think that the market is right to dismiss the latest chunky build in US crude stocks as it was largely driven by a rise in imports, which is likely to prove a one-off. Instead, a further fall in US... 28th May 2020 · 2 mins read
Commodities Weekly China NPC brings good news for commodities Most commodities prices rode the wave of a general uplift in investor sentiment this week. That said, prices have eased back slightly today despite encouraging signs from the National People’s... 22nd May 2020 · 7 mins read
Commodities Update Some initial thoughts on China’s NPC At the time of writing, we still lack the detail on China’s policy plans. That said, the headline expansion in the budget deficit and plans to boost credit growth are unequivocally positive for... 22nd May 2020 · 3 mins read
Energy Watch The outlook for US shale production Since the outbreak of the coronavirus, oil demand has plummeted, and prices have slumped. In this Energy Watch, we consider what this means for the US shale industry. 21st May 2020 · 6 mins read
Commodities Weekly China to the rescue? This week has provided further tentative signs of a revival in commodities demand. China’s industrial production bounced back in April and weekly data in the US suggest that the pick-up in gasoline... 15th May 2020 · 7 mins read
OPEC Watch OPEC Monthly Oil Market Report (May) OPEC production jumped up in April, but this will prove a one-off given the agreed output cuts from May onwards. We expect OPEC compliance with the cuts to be fairly good in the coming months as... 13th May 2020 · 3 mins read
Commodities Weekly Investors may have got ahead of themselves Industrial commodities prices posted strong gains this week on the back of signs of a relaxation of quarantine measures in Europe and the US, which fuelled hopes that demand would recover soon... 7th May 2020 · 7 mins read
Commodities Update China’s commodity imports look set to fall China’s commodity imports have held up well so far this year, but weak external orders and subdued domestic demand point to lower volumes in the months to come. 7th May 2020 · 2 mins read
