Industrial Metals Update Zinc rally to fade towards year-end After falling at the start of the year, robust demand and constrained supply have pushed the price of zinc higher in recent months. The strength in prices is likely to persist over the next couple of... 10th August 2017 · 1 min read
Energy Update Falling stocks to support oil prices, even if the dollar rises again A weaker US dollar has given some support to oil prices over the last month. However, the inverse relationship is likely to break down again over the next year as rising US interest rates support the... 10th August 2017 · 1 min read
Commodities Update Poor start to H2 2017 for China’s commodity imports China’s commodity import volumes were generally weak in July. High stocks of many commodities and growing domestic production dampened demand for imports. What’s more, the prospect of cooling domestic... 8th August 2017 · 1 min read
Energy Update How strong is demand for coal, really? The lack of timely coal consumption data on a monthly basis – at least at a global level – makes it difficult to determine changes in coal demand in the short term. Our new Capital Economics World... 4th August 2017 · 1 min read
Precious Metals Update Q2 & H1 2017 World Gold Council Demand Trends Global gold demand fell to the lowest level since 2009 in the first half of 2017. Higher prices, fading geopolitical risks and soft jewellery fabrication were the main factors behind the weakness in... 3rd August 2017 · 1 min read
Commodities Update China’s PMIs paint a mixed picture While the unofficial PMI data point to an acceleration in economic growth in July, we don’t think that the upturn will be sustained, given the increasing headwinds from policy tightening. This view... 1st August 2017 · 1 min read
Industrial Metals Update Stocks of most metals edge lower Exchange stocks of most metals fell over the last month. With the exception of copper and tin, inventories are now substantially lower than at the start of the year, pointing to tightening markets... 27th July 2017 · 1 min read
Energy Update Strong export demand to support US natural gas prices A surge in demand for US natural gas from Mexico and Canada as well as bourgeoning shipments of LNG to Europe and Asia should give a boost to natural gas prices over the next year. 27th July 2017 · 1 min read
Precious Metals Update China and India’s gold imports (Jun.) The latest trade data for India and China show that gold imports rose in June. Nonetheless, we think that demand will lose momentum in the second half of the year as slower growth in China and a new... 27th July 2017 · 1 min read
Industrial Metals Update China’s metals imports point to strong demand so far in 2017 China’s detailed trade data, released yesterday, revealed that metals demand was strong in the first six months of the year, which helps to explain the recent price rallies. That said, we expect... 25th July 2017 · 1 min read
Energy Update Four key risks facing the oil market The oil market’s attention is firmly on rising production in the US and the outlook for stocks there. However, there are a number of risks elsewhere which are potentially being overlooked and which... 20th July 2017 · 1 min read
Commodities Update Commodities back in favour Investors have turned more positive on the outlook for commodity prices in the last month, reflected in a general rise in net-long futures positions. Sentiment has improved on the back of strong... 19th July 2017 · 1 min read
Energy Update Government intervention in the coal market could backfire Coal prices have been boosted recently by a series of temporary factors. However, supply is growing quickly, which is raising the risk of a sharp drop in prices once demand drops back. 18th July 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Jun.) There was across-the-board strength in China’s June activity and investment data, which helps to explain the recent resilience of industrial metals prices. However, we still expect ongoing policy... 18th July 2017 · 1 min read
Commodities Update Persistent strength in China’s commodity imports China’s commodity import demand has generally been strong so far in 2017. However, stocks of many industrial commodities are high suggesting that underlying demand may be somewhat weaker. Indeed, we... 13th July 2017 · 1 min read
Industrial Metals Update It is hard to be positive on nickel With the fading prospect of mine closures in the Philippines, the outlook for nickel supply is improving. At the same time, demand is expected to weaken this year. However, we think that the... 12th July 2017 · 1 min read
