Commodities Weekly

The Fed cuts, commodity prices rise but it won’t last

The Fed’s decision to cut interest rates by 50 bp gave most commodity prices a boost this week. We suspect that lower interest rates won’t have a sizeable impact on US commodity demand this quarter...

20th September 2024 · 4 mins read

Commodities Focus

Metals: China slowdown to offset green transition

While the green transition and AI-related use will boost demand for industrial metals over the rest of this decade, we expect this to largely be offset by a substantial contraction in demand from...

19th September 2024 · 10 mins read

Commodities Weekly

OPEC+ definitely maybe in charge of the oil market

The big news this week was the decision by some OPEC+ members to extend their voluntary output cuts until December. The immediate implications of the delay to unwinding voluntary output for the oil...

6th September 2024 · 4 mins read

Commodities Update

Cracks in oil demand to put OPEC+ to the test

The latest drop in oil prices, coupled with our expectation for global demand to remain weak, will make it practically impossible for OPEC+ to increase output while keeping Brent crude prices above...

4th September 2024 · 4 mins read

Commodities Weekly

Normal gold service resumes; OPEC+’s conundrum

While the stonking rally in gold prices earlier this year was at odds with traditional market drivers, the latest leg up in gold prices – which saw the nominal price reach yet another fresh record...

30th August 2024 · 4 mins read

Commodities Weekly

Lack of ceasefire deal poses risks; gold at record

The apparent stall in the ceasefire talks between Israel and Hamas limited the fall in oil prices this week. While we think a deal wouldn’t be a game-changer for oil prices, a further breakdown in...

23rd August 2024 · 4 mins read

Commodities Weekly

Escondida strike; China tightens grip on antimony

The strike at the world’s largest copper mine, Chinese export curbs on another critical mineral and the iron ore price tumbling to a yearly low rocked metals and minerals markets this week. While we...

16th August 2024 · 4 mins read

Commodities Chart Pack

Commodities Chart Pack (Aug. 2024)

Commodities have not been immune to the recent turmoil in financial markets, with the prices of most industrial metals, agricultural, and energy commodities extending their downward trends over the...

7th August 2024 · 1 min read

Commodities Update

China, not a US slowdown, the key for industrial metals

Following another leg down in industrial metals prices, this time due to growing worries about a US recession and the broader financial market carnage, we still think that prices will fall further...

7th August 2024 · 3 mins read

Commodities Update

Sell-off in oil markets has gone too far

The sharp fall in oil prices over the past week shows that fears of a US recession have so far outweighed concerns about conflict in the Middle East. But we think that oil prices have fallen too far...

6th August 2024 · 3 mins read

Commodities Update

Olympic medals to lose their shine before long

The start of the Paris Olympic Games today suggests that there will be renewed interest in gold, silver and bronze. We suspect that athletes will be disappointed by the fact that the Olympic medals...

26th July 2024 · 3 mins read

Climate Economics Update

Injecting some nuance into high hopes for hydrogen

Hydrogen could play a key role in reducing emissions in hard-to-abate sectors such as steelmaking and be a boon for countries and regions that are well placed to produce a surplus of renewable power...

10th July 2024 · 4 mins read

Commodities Chart Pack

Commodities Chart Pack (July 2024)

China overcapacity fears coming to industrial metals China’s dominant role in the world of commodities is evolving subtly. This is particularly the case for gold, where increased demand by the PBoC...

3rd July 2024 · 1 min read

Commodities Weekly

Economics, not the White House, the key to US energy

The Dallas Fed survey of oil and gas firms released this week revealed deep dissatisfaction with the Biden administration. Donald Trump has made it clear he would provide greater support for the...

28th June 2024 · 4 mins read

Commodities Weekly

Peak oil debate slightly misses the point

The focus in oil markets this week was on the long term with the IEA predicting that oil demand will peak in 2029 while OPEC argued there is no peak in sight. In any case, when the peak occurs is only...

14th June 2024 · 4 mins read