Melancholy to persist this year

After some fleeting optimism on the back of an apparent easing in US-China trade tensions in September, the recent run of weak US survey data saw demand concerns return to the fore. We think that global economic growth will slow further over the coming months and this, coupled with ailing investor sentiment, will continue to keep a lid on industrial metals prices this year. In contrast, subdued risk appetite should ensure that the prices of precious metals remain elevated.
Kieran Clancy Assistant Commodities Economist
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Industrial Metals Update

Lead has its uses, for now

Lead demand should bounce back this year, despite the shortage of semiconductor chips which is currently curtailing global vehicle production. However, we think a simultaneous recovery in lead supply (particularly secondary supply) will keep the market in a surplus and result in lower prices by year-end.

18 June 2021

Metals Chart Book

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3 June 2021

Industrial Metals Update

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26 May 2021

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Energy Update

Restocking boost to LNG prices to fade soon

After rising (and falling) sharply at the start of the year, Asia LNG prices have started to push higher again recently. This latest rise seems to have been driven by a rebuilding of stocks, which should run its course over the coming months. That said, the outlook for spot Asia LNG prices further ahead remains bright.

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Energy Data Response

US Weekly Petroleum Status Report

US commercial crude stocks declined for the fifth week in a row, owing to the robust economic recovery and a further increase in inputs to refineries. With demand set to rise further, and few signs of a rebound in domestic production, crude stocks should continue to fall in the weeks ahead.

3 June 2021

Energy Data Response

US Weekly Petroleum Status Report

Last week’s decline in US crude stocks adds to evidence that the oil market is getting tighter. This supports our view that oil prices have further to rise in the months ahead, before higher OPEC+ supply brings the market closer to balance and sends prices lower.

26 May 2021
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