Commodities Update The implications of a Saudi Arabia oil market pivot Oil prices have now fallen by about 18% since ‘Liberation Day’, and one could make the case for them being in oversold territory – particularly if US tariffs are rowed back further, as we expect. But... 1st May 2025 · 5 mins read
Commodities Update What to make of the US-Ukraine minerals deal? This Update answers some key questions on the recently agreed US-Ukraine minerals deal. In short, estimates of Ukraine’s mineral wealth seem to be overblown. The deal may provide more US support for... 1st May 2025 · 5 mins read
Commodities Update Lessons from US-China trade war 1.0 for soybeans Soybeans are once again caught in the firing line of the US-China trade war. There is plenty of uncertainty around the exact ramifications for the shape of global trading patterns and prices, but the... 25th April 2025 · 4 mins read
Commodities Update A pulse check on the oil market amid tariff mayhem The lasting fallout on oil demand from President trump’s ‘liberation day’ tariffs and subsequent retaliation, coupled with OPEC+’s plan to quicken supply increases, pose a major downside to oil prices... 9th April 2025 · 4 mins read
Commodities Update A framework for commodities ahead of liberation day Ahead of reciprocal tariffs being announced on April 2nd, dubbed “liberation day”, this Update addresses to what extent US commodities trade could be caught in the crossfire. The most exposed... 31st March 2025 · 4 mins read
Commodities Trump’s upside risks to oil prices blunted by OPEC+ Following President Trump’s threats of secondary tariffs on buyers of Venezuelan crude, the upside risks to oil prices from his foreign policy are crystallising. That said, OPEC+’s spare capacity and... 25th March 2025 · 2 mins read
Commodities Weekly Gold going for… gold; OPEC+’s grand plans In what feels a lot like déjà vu at this point, gold set yet another record high this week, this time as it smashed through the $3,000 per ounce mark. While much ink has been spilled linking the... 21st March 2025 · 4 mins read
Commodities Update Sluggish US oil demand a fresh headache for OPEC+ For all the focus on a possible ‘Trumpcession’ and the related risks to US oil demand, it is worth noting that oil demand growth is already anaemic and our view on the US economy is consistent with... 13th March 2025 · 4 mins read
Commodities Update China NPC is no gamechanger for commodity markets Although industrial metals prices have risen following the National People’s Congress (NPC) in China, we still think that prices will fall over 2025 and 2026 given that the policies outlined do not go... 5th March 2025 · 4 mins read
Event Drop-In: Commodities news storm – What to make of Tariffs, China, OPEC+ and more 1741878000 Commodities are trading in a hyperkinetic news cycle, with Donald Trump raising tariffs on US allies, China calibrating a response to ever-harsher punitive trade actions and t
Commodities Update US tariffs: what next for commodity markets? Tariffs have already boosted commodity prices in the US, and the risks to global prices and trade flows will only grow if tariffs become more widespread. Our Oil and Metals Tariff Impact Trackers are... 4th March 2025 · 2 mins read
Commodities Weekly Commodities Weekly: Trump throws more curveballs at commodity markets President Trump loomed large over commodity markets once again this week, with tariff threats and tighter sanctions. Next week, the focus will turn to the National People’s Congress in China and an... 28th February 2025 · 4 mins read
Commodities Update What to make of the US-Ukraine minerals deal? This Update answers some key questions on the recently agreed US-Ukraine minerals deal. In short, estimates of Ukraine’s mineral wealth seem to be overblown and the deal suggests that US support for... 26th February 2025 · 5 mins read
Commodities Focus Assessing the post-Ukraine war energy landscape While some Russian pipeline gas flows into the EU could resume as part of any Ukraine-Russia peace deal, at most such supplies would probably only recover to about a quarter of pre-invasion levels... 24th February 2025 · 15 mins read
Commodities Weekly Commodities Weekly: OPEC+ in a bind; US-Russia-Ukraine & energy markets Conflicting reports this week around OPEC+'s plan regarding unwinding its voluntary output cuts from April highlight the risks of yet another delay. While any delay would tighten the oil market at the... 21st February 2025 · 4 mins read
Commodities Update Tariffs or no tariffs, LME copper prices will still fall Whilst COMEX benchmark copper prices will be heavily influenced by President Trump’s plans for tariffs in the near term, the bigger picture is that weak demand growth and robust refined copper supply... 20th February 2025 · 4 mins read
