Industrial Metals Update Stock data at odds with prices There has been a dramatic drawdown of Shanghai lead inventories in the last month and a surge in LME copper stocks in the last week. Otherwise, total stock movements have been relatively subdued, with... 18th September 2017 · 1 min read
Industrial Metals Update Investor sentiment could be about to turn Sentiment towards metals remained broadly positive in Q3 as the prospect of capacity cuts in China later in the year supported industrial metals prices whilst heightened geopolitical risks buoyed... 15th September 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Aug.) China’s August activity and spending data suggest that the slowdown that started in July continued into August. In particular, a downturn in infrastructure spending does not bode well for metals... 14th September 2017 · 1 min read
Commodities Update Investor buying boosts metals prices Commodities prices trended higher in the last month, supported by increased speculative activity and a weaker dollar. Metals benefited from robust Chinese activity data and heightened geopolitical... 13th September 2017 · 1 min read
Commodities Update More bad news for grains & soybeans prices The US Department of Agriculture (USDA)’s latest set of estimates painted a broadly bearish picture for grains – notably corn – and soybeans. While the price of wheat increased following the release... 13th September 2017 · 1 min read
Energy Update OPEC open to extending output deal OPEC has recently been hinting that it may prolong its production cuts. However, some members are planning to increase output next year and compliance with the current agreement will probably have to... 13th September 2017 · 1 min read
Precious Metals Update Investors’ support for palladium to fade We believe that increased speculative activity was the main driver of the recent rally in the price of palladium, which hit a 16-year high on Monday. While it is difficult to know when, if ever... 8th September 2017 · 1 min read
Commodities Update China’s ore imports continue to rise China’s commodity import volumes picked up in August as rising metals prices encouraged refiners and steel mills to import raw materials. However, we expect import volumes to subside later in the year... 8th September 2017 · 1 min read
Commodities Update What do the hurricanes mean for commodities? Hurricanes routinely, but temporarily, disrupt oil production in the Gulf of Mexico, especially at offshore and coastal facilities. But the destruction wrought by Hurricane Harvey, which seems likely... 7th September 2017 · 1 min read
Energy Update Hurricane Harvey to depress US oil demand Hurricanes Harvey and Irma are likely to have a larger negative impact on US oil demand than on oil production over the next few months, which could delay market rebalancing. 6th September 2017 · 1 min read
Industrial Metals Update Still cautious on copper … A combination of investor optimism about future demand, the depreciation of the dollar and disruptions to mine supply have been the key drivers of this year’s rally in the price of copper. But, in our... 5th September 2017 · 1 min read
Commodities Update China’s PMIs point to strong industrial output in August While stronger manufacturing PMI readings imply an acceleration in industrial activity in August, we don’t think that the upturn will be sustained given the increasing headwinds from policy tightening... 1st September 2017 · 1 min read
Precious Metals Update Gold to benefit from high geopolitical risks Elevated geopolitical risks and expectations that the Fed will only raise interest rates slightly this year and next have buoyed the price of gold. While we have revised up our end-2017 forecast to... 31st August 2017 · 1 min read
Energy Update Brent-WTI spread likely to narrow Higher crude exports, falling stocks and the return of refineries shuttered by Hurricane Harvey should all help to boost WTI prices and narrow the Brent-WTI spread over the rest of the year. 29th August 2017 · 1 min read
Industrial Metals Update Investors exaggerate move in metals prices Whilst fundamentals have played a role in the most recent rallies in industrial metals, we think that speculative activity has exacerbated the move up in prices. In some cases – notably copper –... 24th August 2017 · 1 min read
Industrial Metals Update No shortage of tin now! The ongoing surge in ShFE tin stocks was the main story in the last month. In fact, inventories of most ShFE metals have risen in the last four weeks, while stocks of nearly all the LME metals have... 23rd August 2017 · 1 min read
