Commodities Update What should the Fed’s inaction mean for commodities? Commodity markets initially welcomed the US central bank’s decision to keep rates on hold yesterday, but the moves have been small. This makes sense, as rates are still likely to rise soon, and the... 18th September 2015 · 1 min read
Industrial Metals Update Nickel prices to rally strongly next year With the market expected to fall into deficit in 2016, as supply falls and demand recovers, the price of nickel should rebound strongly. But the recovery may have to wait until stockpiles are drawn... 17th September 2015 · 1 min read
Commodities Update Prices remain under pressure Seven of the main agricultural commodities have seen prices fall since mid-August despite some softness in the US dollar which is normally considered supportive of dollar-priced commodities. Of the... 17th September 2015 · 1 min read
Commodities Update A relatively quiet end to summer Although the main commodity indices weakened further since mid-August, given the mid-summer volatility it has been a relativity calm last few weeks. Attention has now turned back to the US Fed... 16th September 2015 · 1 min read
Industrial Metals Update Stocks tell a broadly positive story on demand Falling official stocks are painting a much stronger picture of metals’ demand than current prices. Inventories of some metals, notably tin and lead, offer little in the way of a cushion if supply... 15th September 2015 · 1 min read
Industrial Metals Update Gold proves resilient despite upcoming US rate hike The prices of precious metals (PMs) have fallen since mid-August as sentiment towards commodities in general continued to worsen, although performance was mixed. A further slump in Chinese equities... 14th September 2015 · 1 min read
Commodities Update Global corn & soybean inventories cut, but still no shortage The price of corn rallied late last week as the USDA cut its estimates of the US corn yield and global end-year stocks. But with high inventories likely to endure, we think prices will end the year... 14th September 2015 · 1 min read
Energy Update What next for oil prices? The easing of sanctions on Iran will add to the supply of oil on world markets, but it should not be the game-changer for prices that some imagine. Instead, we think the more important factors will be... 11th September 2015 · 1 min read
Industrial Metals Update Restocking to galvanise US steel prices US steel prices have fallen sharply this year, despite signs of robust physical demand. Given that imports have also dropped, we expect that stocks have been drawn down. Resilient demand coupled with... 11th September 2015 · 1 min read
Commodities Update Risks to the new cocoa harvest could keep prices elevated A lack of rainfall in the key cocoa growing countries in West Africa has increased the risk of a poor harvest for the 2015/16 year, adding upside risks to the outlook for the price of cocoa. 11th September 2015 · 1 min read
Commodities Update Malaysia Monthly Palm Oil Data (Aug.) Data released earlier today by Malaysia’s Palm Oil Board show that crude palm oil production in August was the highest on record. Stocks also rose sharply again. 10th September 2015 · 1 min read
Commodities Update Brazil Sugar Production (16th Aug. – 1st Sep.) Data released today by Brazil’s Sugarcane Industry Association, UNICA, revealed that the amount of sugar cane harvested in Brazil’s main sugar producing South-Central region in the second half of... 9th September 2015 · 1 min read
Precious Metals Update Q2 2015 Platinum Quarterly In its latest Platinum Quarterly report, published today, the World Platinum Investment Council (WPIC) depicted a challenging time for platinum in Q2. With the exception of investment demand... 8th September 2015 · 1 min read
Commodities Update China’s commodity imports down but not out China’s trade data took another turn for the worse in August but, in common with other recent economic indicators, the weakness was partly due to temporary factors and the numbers have yet to reflect... 8th September 2015 · 1 min read
Energy Update US natural gas prices set to recover Persistently low prices mean that we have revised down our end-2015 and end-2016 forecasts for the price of US natural gas. However, we still expect prices to rise substantially over the next few... 7th September 2015 · 1 min read
Precious Metals Update China’s imports of gold recover as local equities lose their appeal Mainland China’s gold imports from Hong Kong and Switzerland recovered in July after a weak June. We expect total imports by China and India to pick up in the second half of the year as low prices and... 2nd September 2015 · 1 min read
