Industrial Metals Update Zinc’s rally looks rusty Robust demand and constrained supply have pushed the price of zinc higher over the past year. But fundamentals have deteriorated sharply in recent months and point to substantially lower prices ahead. 22nd March 2018 · 1 min read
Industrial Metals Update Rising copper stocks point to subdued demand There have been some big jumps in stocks of copper, aluminium and zinc since the start of 2018, but inventories of the other base metals have fallen slightly. Given that we expect demand to soften... 14th March 2018 · 1 min read
Industrial Metals Update What do US tariffs mean for steel & aluminium? President Trump’s tariffs on imports of steel and aluminium are likely to be a bigger deal for the price of US steel than aluminium. But US steel prices have already surged, which coupled with higher... 9th March 2018 · 1 min read
Industrial Metals Update Lead to remain under pressure Dwindling mine supply and, more recently, strong winter demand for car replacement batteries have given a boost to the price of lead. However, demand is weakening which, coupled with increasing... 8th March 2018 · 1 min read
Industrial Metals Update Rising supply should boost stocks in 2018 Stocks of copper and aluminium have risen strongly since the start of 2018, but inventories of the other base metals have fallen. Supply was tight in the smaller markets last year, but it is now... 23rd February 2018 · 1 min read
Industrial Metals Update Investors become less positive on metals There are early signs that investor sentiment in the metals markets is deteriorating, although more so for industrial metals than precious. Some of the technical indicators that we monitor have... 22nd February 2018 · 1 min read
Industrial Metals Update US tariffs on steel and aluminium appear inevitable The price of US steel has already benefited from the prospect of heightened protectionism in the US. Indeed, prices could actually fall back if President Trump decides to moderate his actions to... 19th February 2018 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Dec.) China’s activity and investment held up well in December, although growth was markedly slower than earlier in the year. We expect the slowdown to continue in the coming months. 19th January 2018 · 1 min read
Industrial Metals Update Stock movements point to a tighter zinc market A surge in cancelled warrants on LME stocks can explain some of the rally in the price of zinc. That said, inventories of most other metals have risen over the last month, suggesting markets are amply... 15th January 2018 · 1 min read
Industrial Metals Update Aluminium still in comfortable supply Aluminium production in China is likely to continue to fall over the next few months as the Chinese authorities impose output cuts. While this would give the impression of a tighter market, Shanghai... 5th January 2018 · 1 min read
Industrial Metals Update Lower stocks justify some of the strength in prices Total exchange stocks of most metals fell in 2017 on a combination of constrained supply and solid growth in China’s demand in the first half of the year. We expect stocks to build over the course of... 18th December 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Nov.) China’s latest activity and investment data point to more subdued metals demand than earlier in the year. Despite curbs on supply, we still think prices are reflecting undue optimism about demand. 14th December 2017 · 1 min read
Industrial Metals Update Will India’s steel industry continue to boom? India has experienced a period of uninterrupted growth in steel production for more than a decade, unmatched by any other major producer. But the country faces challenges in creating a competitive... 1st December 2017 · 1 min read
Industrial Metals Update Sentiment towards metals diverges Sentiment towards metals has diverged since the start of 2017. While investors have remained firmly bullish on precious metals, they have turned more bearish on industrial metals even as prices have... 28th November 2017 · 1 min read
Industrial Metals Update Stocks suggest that demand is slowing Total exchange stocks of nearly all the metals have fallen since the start of the year, which goes some way to justifying the rally in prices. The exceptions are tin and copper inventories. However... 20th November 2017 · 1 min read
Industrial Metals Update Iron ore vulnerable even without steel output cuts Government-mandated steel production cuts in China this winter will exacerbate the decrease in demand for iron ore resulting from a weak construction sector and a slowdown in economic growth. As such... 17th November 2017 · 1 min read