Precious Metals Update Gold price to tick up by end-2021 Despite the recent falls in the prices of precious metals, we still expect the gold price to edge higher over the coming year as US real yields drift a little lower. 23rd September 2020 · 2 mins read
Industrial Metals Update China’s economic activity boom to support prices The rapid bounce-back in construction and industrial activity in China, reflected in our revamped China Activity Proxy, looks set to continue in the coming months as additional fiscal support is... 22nd September 2020 · 2 mins read
Commodities Update Rally in soybean prices may be overdone Strong demand from China will put a floor under corn and soybean consumption in 2020/21. But with record expected yields in the US, we expect corn and soybean prices to come off the boil. 18th September 2020 · 3 mins read
Industrial Metals Update US steel price to make further gains The price of US steel has surged recently, and we think that the price will continue to rise in the year ahead as demand picks up at a time of constrained supply. 15th September 2020 · 3 mins read
Industrial Metals Update Iron ore price rally to peter out in 2021 A combination of strong demand from China and a slow recovery in global production from its virus-related trough means that the price of iron ore is likely to remain elevated for the remainder of this... 11th September 2020 · 3 mins read
Commodities Update Staying positive on industrial metals Most industrial metals prices are now above their pre-virus levels, after rallying from their March lows. We reckon that the price rebound has further to go, as China’s impressive economic revival... 10th September 2020 · 3 mins read
Commodities Update Oil prices to tread water through to year-end Brent’s recent price drop to a two-month low shows the fragile nature of its price recovery. We think that an uneven recovery in demand, combined with the hangover of vast oil stocks accumulated in... 8th September 2020 · 3 mins read
Commodities Update Strength in China’s commodity imports here to stay China’s commodity import volumes remained high in August, reflecting the broader recovery in economic activity. We expect commodity demand to remain strong in the coming months but import volumes may... 7th September 2020 · 2 mins read
Commodities Update China’s PMIs underpin the strength in metals prices China’s August PMI readings support our view that the economy will return to its pre-virus trend by the end of this year, which is positive for almost all commodities prices, but especially industrial... 1st September 2020 · 2 mins read
Energy Update Lagging supply to cause oil market deficit Global oil supply fell to a multi-year low in the second quarter, and recent data point to output having fallen further in the third quarter. With demand reviving, we think the oil market is now in a... 28th August 2020 · 3 mins read
Energy Update US natural gas price to rise a little A recovery in demand at a time of constrained supply will put downward pressure on US natural gas stocks and provide a small lift to prices in 2021. 25th August 2020 · 3 mins read
Energy Update LNG prices to continue to climb higher A combination of stronger demand and higher oil prices will support the spot price of Asian LNG over the next year and a half. 20th August 2020 · 3 mins read
Industrial Metals Update Still plenty of reasons to be positive on nickel We expect the price of nickel to make further gains between now and the end of 2021. The ongoing rise in the production of stainless steel in China will be the main factor supporting demand, while the... 14th August 2020 · 4 mins read
Precious Metals Update Platinum price to stay high, for now We had previously expected the global platinum market to flip into a surplus this year as the measures taken to contain the coronavirus weighed on most types of demand for the metal. However, in light... 14th August 2020 · 4 mins read
Commodities Update The USDA is too optimistic on agricultural demand The recovery in China’s hog herd will support demand for corn and soybeans in 2020/21. However, our demand forecasts are not as rosy as the USDA’s and, in any case, a strong rebound in supply will... 13th August 2020 · 3 mins read
Energy Update Global oil demand to remain weak throughout 2021 We think that it will take over a year for oil product consumption to recover to pre-virus levels. This in turn will limit crude oil demand for the next 18 months or so and any near-term price gains. 11th August 2020 · 3 mins read
