Commodities Update Ethanol is not the answer for US corn US corn farmers face considerable uncertainty over the potential for exports given rising global protectionism. What’s more, if export volumes dip, the US ethanol industry is unlikely to absorb any... 23rd August 2018 · 1 min read
Energy Update SPR could cushion loss of oil from Iran The sale of crude oil from the US Strategic Petroleum Reserve (SPR), announced yesterday, is not large enough to have a significant impact on global oil prices. That said, given the hefty size of the... 21st August 2018 · 1 min read
Industrial Metals Update Has copper further to fall? While investor sentiment is likely to remain the main driver of copper prices this year, we expect declining supply and growing demand from the green energy sector to give a boost to prices in 2019... 16th August 2018 · 1 min read
Commodities Update Dollar is still a key driver of commodity prices After breaking down in April and May, the relationship between the dollar and commodity prices seems to have re-established itself. Given our view that the dollar will remain strong into 2019... 16th August 2018 · 1 min read
Precious Metals Update Gold bugs hold tight, brighter times ahead Given our view that the dollar will remain strong into 2019 and that growth in jewellery demand will continue to soften, we have recently revised down our end-2018 forecast for the price of gold. That... 15th August 2018 · 1 min read
Precious Metals Update Gold to remain under pressure in 2018 A preference for the US dollar as a safe haven has weighed on gold prices over the past few months. Given our view that the dollar will remain strong into 2019 and that growth in jewellery demand will... 9th August 2018 · 1 min read
Commodities Update Strength in China’s imports unlikely to be sustained China’s commodity import volumes revived in July, but from a low base a month earlier. Indeed, we think import volumes will fall back in the coming months in line with the slowdown in economic... 8th August 2018 · 1 min read
Industrial Metals Update China Industrial Metals Demand & Supply Monitor (Q2) China’s industrial activity held up well in the first half of 2018 but there are now clear signs that the economy is losing momentum, which is likely to prevent any significant gains in industrial... 8th August 2018 · 1 min read
Precious Metals Update Q2 & H1 2018 World Gold Council Demand Trends Global gold demand declined to the lowest level since 2009 in the first half of 2018 and we expect it to remain softover the coming months as a strong dollar, coupled with rising US interest rates... 2nd August 2018 · 1 min read
Commodities Update China’s PMIs point to subdued commodities demand The latest falls in China’s PMI readings underpin our view that China’s economy is entering a softer patch, which is likely to prevent any significant rebound in commodity prices in the coming months. 1st August 2018 · 1 min read
Precious Metals Update What is behind rhodium's outperformance? The price of rhodium has so far been insulated from deteriorating investor sentiment towards platinum group metals (PGMs) more generally. While rhodium is still likely to outperform its sister metals... 27th July 2018 · 1 min read
Energy Update Oil prices still have further to fall The recent drop in oil prices is consistent with our view that growth in crude demand is likely to slow sharply over the next few years while supply should be ample. We still think that prices... 17th July 2018 · 1 min read
Precious Metals Update How is gold demand faring in the wake of protectionism? A stronger dollar and lower economic growth in some of the largest consumers should have a negative impact on demand for gold, which could add to the downward pressure on prices. But for now, we still... 16th July 2018 · 1 min read
Energy Update Slower growth in China will lead to lower coal prices A slowdown in China’s economic growth over the next year combined with the ongoing rise in renewable and natural gas-fired power generation should weigh on demand for coal and reduce prices. 16th July 2018 · 1 min read
Commodities Update China’s commodity imports come off the boil China’s commodity import volumes were markedly lower in June. High prices could have deterred oil imports, while ongoing efforts to combat pollution curbed imports of metals and ores. Crude imports... 13th July 2018 · 1 min read
Commodities Update Why is the Baltic Dry Index on a tear? The recent rally in the Baltic Dry Index (BDI) of freight costs is somewhat surprising given rising protectionism. However, it appears that much of the rise can be explained by robust demand for coal... 10th July 2018 · 1 min read
