Energy Update OPEC deal looks even more perilous Oil prices have been buffeted over the last week by hopes and concerns about the outcome of tomorrow’s OPEC meeting, but we still think that the group will manage to reach a face-saving deal. 29th November 2016 · 1 min read
Industrial Metals Update Weakness in China’s metals imports could prove temporary China’s metals imports remained subdued in October as higher dollar prices and some further depreciation of the renminbi weighed on volumes. 25th November 2016 · 1 min read
Energy Update Growing oil demand quietly rebalancing the market The focus of oil markets over the last few months has been squarely on the potential for OPEC to cut supply. However, growth in demand will have just as big an impact on oil prices over the next year... 24th November 2016 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (Sep./Oct.) China’s refinery output continued to grow in October, bolstered by rising prices. However, we think producers are overestimating demand, in which case production could fall back in coming months. 21st November 2016 · 1 min read
Industrial Metals Update Trump victory proves divisive Industrial metals prices were already rising ahead of Donald Trump’s election to the US Presidency, but his victory appeared to provide new grounds for optimism as markets focussed on his plans for... 17th November 2016 · 1 min read
Precious Metals Update Gold down, but not out? Right now the decision to nudge up our forecasts for the gold price in the wake of Donald Trump’s shock victory in the US presidential election may not look like a smart one. Indeed, the price of the... 16th November 2016 · 1 min read
Commodities Update Investors turn positive on metals The prices of industrial metals have risen strongly in the last month on optimism about demand and a surge in investor buying. In contrast, sentiment has turned negative in the oil market as investors... 15th November 2016 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Oct.) China’s industrial production held steady in October, but metals-intensive sectors continued to do well and there was a sharp rebound in construction starts. That said, our analysis suggests that the... 14th November 2016 · 1 min read
Precious Metals Update Four reasons a Trump presidency is still bullish for gold prices Markets appear to believe that a Trump victory will lead to major infrastructure spending and much more aggressive Fed tightening. As a result, gold prices have fallen. While some fiscal stimulus is... 11th November 2016 · 1 min read
Commodities Update Trump rally may be a triumph of hope over reality Commodity markets seem to believe US President-elect Trump will quickly deliver the one thing that he probably can’t – a surge in infrastructure spending – and are ignoring all the bad stuff that... 11th November 2016 · 1 min read
Energy Update What could President Trump mean for energy commodities? Commodity markets shrugged off the surprise victory for Donald Trump in the US Presidential election with the initial falls in oil prices already being reversed, helped by (probably misplaced)... 11th November 2016 · 1 min read
Industrial Metals Update A note of caution on the rally in copper prices Yesterday, the US dollar price of copper shrugged off the uncertainty created by the surprise victory for Donald Trump in the US Presidential election and rose by another 3%. But while the... 10th November 2016 · 1 min read
Commodities Update Trump win to boost gold prices further The surprise victory for Donald Trump in the US Presidential election is likely to lead to greater safe-haven demand over the next few months, with gold a clear winner. While heightened risk aversion... 9th November 2016 · 1 min read
Precious Metals Update Q3 2016 World Gold Council Demand Trends In its Q3 Global Demand Trends report, published today, the World Gold Council (WGC) described a pretty gloomy picture for gold demand. Investment was the only exception, as the economic and political... 8th November 2016 · 1 min read
Energy Update Coal prices are at the mercy of Chinese policymakers We think that the recent surge in coal prices is unsustainable and expect them to fall back as production rebounds, both inside and outside China, and demand remains weak. However, the extent of any... 8th November 2016 · 1 min read
Commodities Update China’s commodity imports dip in October China’s commodity import volumes declined last month, despite signs of a pick-up in activity data. We think this reflected disruptions caused by the week-long holiday, higher commodity prices and some... 8th November 2016 · 1 min read
