Metals Chart Pack Awaiting direction Despite somewhat more encouraging economic data releases, industrial metals prices struggled to find direction in November mainly owing to the ongoing uncertainty surrounding US-China trade... 5th December 2019 · 7 mins read
Commodities Chart Pack Commodities not in party mode Commodity prices struggled to find direction in November despite the release of somewhat stronger economic data. Meanwhile, developments on the US-China trade front remained a key driver of sentiment... 3rd December 2019 · 7 mins read
Commodities Weekly OPEC+ to roll over, but not deepen, output cuts Commodities prices were little changed this week. Prices were initially boosted by President Trump’s comments that the US and China were in the “final throes” of a trade deal. But they pared their... 29th November 2019 · 7 mins read
Metals Data Response Global Steel Production (Oct.) Global steel production continued to contract y/y in October, and we think it will remain weak in the coming months given subdued economic growth in key consuming regions. 26th November 2019 · 2 mins read
Commodities Weekly Commodities still on the sidelines The prices of most industrial commodities traded in a narrow range this week in part owing to stronger-than-expected PMI data from the US and elsewhere. However, the bigger picture is that global... 22nd November 2019 · 7 mins read
Commodities Update Commodities could play catch-up in 2020 Recent market moves, most notably in US equities, suggest to us that there may be too much bad news priced into commodity markets. Accordingly, we expect a modest rise in commodity indices in 2020... 21st November 2019 · 2 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial crude stocks rose, in large part due to a significant outflow from the strategic reserve. That said, we expect stocks to remain relatively high as the economy slows and demand falters. 20th November 2019 · 2 mins read
Metals Data Response Global Aluminium Production (Oct.) Global aluminium output ticked up on a monthly basis in October, in large part due to the ongoing ramp-up of new capacity in Bahrain. It now looks likely that global production will be broadly flat... 20th November 2019 · 2 mins read
Industrial Metals Update Burgeoning supply to take the shine off zinc The price of zinc has risen a little since its recent low in September on the back of unanticipated disruptions to supply. But we expect it to fall back again next year, premised on a rebound in... 19th November 2019 · 2 mins read
Commodities Weekly It’s still all about trade The prices of industrial commodities tumbled this week amid uncertainty about whether a “Phase One” trade deal between the US and China will be signed and further signs of weakness in China’s... 15th November 2019 · 7 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial crude stocks rose, in part owing to higher domestic production but there was also a significant outflow from the strategic reserve. We think that above-trend US stocks will remain a... 14th November 2019 · 2 mins read
Industrial Metals Update The only way is down for Chinese steel Our forecast of a downturn in China’s property sector bodes ill for the price of Chinese steel. Moreover, falling iron ore prices and a bleak outlook for China’s steel exports will add to the downward... 13th November 2019 · 2 mins read
Commodities Weekly Investors still not convinced … Commodity price moves were surprisingly muted this week considering the news that the “Phase One” trade deal between the US and China may involve the lifting of some of the tariffs already in place... 8th November 2019 · 7 mins read
Commodities Update China commodity imports reflect weaker activity China’s commodity imports were generally weak in October, and we expect volumes to remain subdued in the coming months given our forecast of a further slowdown in China’s economy. 8th November 2019 · 2 mins read
Energy Chart Pack Oil prices to tread water, for now Despite signs that the global economy continued to slow in October, only coal prices fell. While we expect global growth to remain subdued in the year ahead, we think that a recession will be avoided... 5th November 2019 · 5 mins read
Commodities Weekly Trade talks remain the key to investor sentiment There were few big moves in commodity prices this week despite some encouraging data out of China and the US, and a 25bp cut in the Fed Funds rate. Admittedly, the economic data were not uniformly... 1st November 2019 · 7 mins read
