Metals Chart Pack Metals Chart Pack (Jan. 2024) Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. Interest rate cuts across advanced economies this year will give some boost to economic activity... 3rd January 2024 · 1 min read
Industrial Metals Update Zinc glut to shrink in 2024 Even though zinc supply growth is likely to remain solid owing to strong growth in China and easing input cost constraints in Europe, we think that those factors will be outstripped by a recovery in... 7th December 2023 · 3 mins read
Precious Metals Update Gold, geopolitics and the Fed We have raised our gold price forecast to reflect the current heightened geopolitical risk. We think the price will rise further next year as the limited fallout from the Israel-Hamas conflict won’t... 9th November 2023 · 3 mins read
Industrial Metals Update Supply to drive relative copper/nickel price dynamics The trend of rapid increases in industrial metals supply this year is likely to unwind over the next few years for copper, but we think nickel supply growth will remain robust. We think that... 5th October 2023 · 4 mins read
Metals Data Response Global Aluminium Production (August) An increase in year-on-year production growth, coupled with upward revisions to the back data, means that global aluminium supply is much stronger than previously thought. Production reached a record... 20th September 2023 · 3 mins read
Precious Metals Update Gold price has further to fall by year-end Based on our view that US economic growth will prove resilient, despite the rise in interest rates, and that US inflation will ease, we expect the gold price to fall to $1,800 per ounce by year-end. 15th September 2023 · 2 mins read
Industrial Metals Update Iron ore rally on borrowed time We think the recent rally in the iron ore price will soon go into reverse. Steel demand in China has surged in recent months, but we think that will prove temporary. China’s steelmakers should cut... 14th September 2023 · 3 mins read
Metals Chart Pack Metals Chart Pack (Sep. 2023) Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. China’s announced support for the property sector and the extent of fiscal stimulus is modest, but... 6th September 2023 · 1 min read
Precious Metals Update Solar power to shine on silver in 2024 We think that the silver price will fall over the next few months. But as macroeconomic and financial factors switch from a drag to a boost to demand, and as photovoltaic demand gathers pace, the... 31st August 2023 · 3 mins read
Metals Data Response Global Aluminium Production (July) Global aluminium production growth slowed for the seventh consecutive month and dipped into contractionary territory in July on the back of weakness in China. We think production growth will stagnate... 21st August 2023 · 2 mins read
Industrial Metals Update China stimulus not a silver bullet for industrial metals The outlook for industrial metals demand has deteriorated alongside the weakening of China’s economy this year, particularly in the property sector. Monetary and fiscal stimulus might paper over the... 16th August 2023 · 3 mins read
Metals Chart Pack Metals Chart Pack (Aug. 2023) We expect targeted stimulus in China to put a floor under base metals prices in the remainder of 2023. But the slowdown in developed economies (DMs) will prevent significant gains. Prices should start... 8th August 2023 · 1 min read
Event Commodities Drop-In: How recession and war will drive prices in 2023 1668006000 The outlook for commodity prices has rarely felt more complex: while a looming global recession is set to drag on demand, the ongoing war in Ukraine is likely to mean some markets will remain jumpy
Commodities Overview Prices to stay high for longer The war in Ukraine and its negative impact on commodities supply has prompted us to revise up our forecasts for the prices of most commodities in 2022. Regardless of the outcome of the war, we think... 29th April 2022 · 40 mins read
Commodities Overview High volatility to persist while war rages on Commodity prices are as volatile as they’ve ever been. We don’t think volatility will ease until the war in Ukraine ends, because only then will we know the true extent of the Russia-related supply... 31st March 2022 · 2 mins read
Commodities Overview Lessons from the 1970s for commodity markets The experience of the 1970s suggests that the ongoing war in Ukraine and its effects on commodity prices will reshape commodity markets for years to come. Most immediately, elevated prices are likely... 29th March 2022 · 3 mins read