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
Metals Data Response Global Aluminium Production (Feb.) Stripping away calendar effects, global aluminium production increased slightly last month. We expect output to continue to grow steadily this year, mostly in response to rising demand in China. 20th March 2023 · 3 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 Aluminium Production (Jan.) Global aluminium production fell slightly in January compared to December, although the bigger picture is one of fairly steady production since the middle of last year. We expect production to respond... 20th February 2023 · 3 mins read
Metals Data Response Global Aluminium Production (Dec.) Global aluminium production growth slowed to 2% in 2022 from 2.7% in 2021. We forecast that weaker output growth in China and another difficult year in Europe will lead to even softer growth this year... 20th January 2023 · 2 mins read
Commodities Weekly New year, same trends Most commodity prices declined this week, with energy prices falling especially sharply. Unseasonably mild weather in Europe and the US weighed on heating demand, prompting a plunge in gas prices. The... 6th January 2023 · 6 mins read
Commodities Weekly All eyes will remain on China It was a fairly quiet week in commodity markets. The only notable move was a slump in natural gas prices. The EU eventually agreed its long-discussed natural gas price cap early in the week, but it... 23rd December 2022 · 6 mins read
Metals Data Response Global Aluminium Production (Nov.) A low base in 2021 is driving an increase in global aluminium output this year, but the bigger picture is that growth in supply is slowing as high power costs and soft demand take their toll. 20th December 2022 · 2 mins read
Metals Data Response Global Aluminium Production (Oct.) While the latest year-on-year increase in global aluminium production is suggestive of an improving supply environment, output actually fell in absolute terms and probably has further to fall from... 21st November 2022 · 2 mins read
Industrial Metals Update Aluminium price to edge higher despite recession As the global economy tips into recession, aluminium demand growth will remain weak next year. However, we think supply growth will be even softer, pushing stocks lower and the price higher. 20th October 2022 · 4 mins read
Metals Data Response Global Aluminium Production (Sep.) The acceleration in year-on-year production growth in September paints a prettier picture of supply than reality. The global economic downturn and high energy prices will weigh on supply from here. 20th October 2022 · 2 mins read
Metals Data Response Global Aluminium Production (Aug.) Global aluminium production rose at a slightly faster pace in August than in July, as Chinese production picked up and helped to compensate for a steeper reduction in European output. However, it... 20th September 2022 · 2 mins read
Commodities Update Demand outlook deteriorating The latest manufacturing PMIs out of China and emerging Asia point to a worsening demand outlook for commodities, but especially industrial metals. This adds weight to our view that industrial metals... 1st September 2022 · 2 mins read
Metals Data Response Global Aluminium Production (July) Global aluminium production rose at a slightly slower pace in July, mostly because production in North America fell at a faster clip, while output in Europe continued to slump. Production growth could... 22nd August 2022 · 2 mins read