Commodities Weekly

OPEC+ to roll-over?; China commodity imports up

With less than a month to go until OPEC+ meets to decide upon its next policy move, rumours are heating up as to what its move will be. Last week, anonymous OPEC+ sources suggested that the 2.2...

10th May 2024 · 7 mins read

Commodities Weekly

Metals prices: a genuine breakout or overoptimism?

In a mixed week for commodity prices, copper topped $10,000 per tonne for the first time since April 2022. This is the latest in what has been a rip-roaring start to the year for non-ferrous...

26th April 2024 · 4 mins read

Commodities Focus

Fed rate cuts won’t send commodity prices soaring

The latest US CPI data may have dashed hopes of interest rate cuts as early as June, but looser monetary policy is still firmly on the cards late this year and over the course of next year. Lower...

16th April 2024 · 12 mins read

Commodities Weekly

Don’t read too much into rising gold and oil prices

The prices of oil and gold have surged since the start of the year. However, we do not think that the co-movement is necessarily linked. Admittedly, tensions in the Middle East are a common upward...

5th April 2024 · 5 mins read

Commodities Weekly

Baltimore tragedy not a major issue for energy flows

The collapse of the Francis Scott Key bridge in Baltimore this week is unlikely to have a large impact on global energy flows. For oil, flows of crude and refined products to or from Baltimore are...

28th March 2024 · 5 mins read

Commodities Weekly

The copper supply squeeze begins to bite

It was generally a strong week for commodity prices despite the US dollar nudging higher. Oil prices rose by ~3% after the IEA revised its forecasts towards a tighter oil market and following the...

15th March 2024 · 4 mins read

Commodities Weekly

OPEC+ conundrum; Indonesia’s nickel dominance

We think OPEC+ members will opt for a short 1-3 month extension in their upcoming decision on whether to extend their voluntary production cuts, as lost market share will be a concern for members...

1st March 2024 · 5 mins read

Precious Metals Update

Gold prices will climb higher over the next few years

We think that the gold price will rise in each of the next couple of years, driven by the Fed cutting rates a little quicker than is priced into markets, falling US Treasury yields and a softening US...

1st March 2024 · 2 mins read

Commodities Weekly

China metals demand; EU weighing Russia metals ban

It was generally a positive week for commodity prices and particularly for industrial metals prices. All major industrial metals finished the week higher, seemingly due to some improvement in risk...

26th January 2024 · 4 mins read

Global Economics

Global Economics Shipping Chart Pack (Jan. 2024)

This is a special Global Economics Chart Pack that provides clients with key analysis to make sense of the macro and market impact of the disruptions to maritime shipping. The charts in this document...

25th January 2024 · 1 min read

Industrial Metals Update

Green demand to spur copper price gains in 2024

After a subdued 2023, we think the copper price will fare much better this year. We expect supply growth to moderate, while demand growth will be bolstered by the green transition.

19th January 2024 · 3 mins read

Energy Update

Energy prices are not that high in real terms

Energy prices seem historically high at first glance. However, that is not strictly the case. After adjusting for inflation, oil and US natural gas prices are already at or below pre-pandemic levels...

19th January 2024 · 3 mins read

Commodities Weekly

Middle East tensions to keep a floor under oil prices

The Middle East continued to be the focus of commodity markets, although most prices ended the week either flat or lower. That said, the escalation of Houthi attacks on shipping and subsequent...

12th January 2024 · 4 mins read

Commodities Update

China commodity imports to hold firm, for now

China’s commodity imports were generally strong in 2023 and while growth rates will probably slow this year, we expect volumes to remain high in the coming months.

12th January 2024 · 2 mins read

Commodities

Commodities Overview Chart Pack (Jan. 2024)

Our Commodities Overview Chart Pack has been updated with the latest data and our analysis of recent developments. We think the big declines in energy prices are now behind us. Oil prices will remain...

5th January 2024 · 0 mins read