Energy Update US gas prices deflate on milder weather outlook US natural gas prices have fallen back in recent weeks, largely as a result of forecasts of milder weather. While we think that production should hold up in the second half of 2016, we are still... 19th August 2016 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Jul.) This is a new monthly publication in which we assess the strength of demand in the world’s largest consumer of metals. We are also introducing our Capital Economics Steel Demand Proxy, to help inform... 17th August 2016 · 1 min read
Precious Metals Update PGMs rally might have gone too far After falling sharply at the end of 2015, the prices of platinum and palladium have risen by over 20% since the start of 2016. While we remain positive on the medium-term prospects for PGMs, we think... 15th August 2016 · 1 min read
Precious Metals Update Q2 2016 World Gold Council Demand Trends In its Q2 Global Demand Trends report, published today, the World Gold Council (WGC) described another strong quarter for gold demand. Renewed interest from Western investors more than offset... 11th August 2016 · 1 min read
Energy Update Talks of oil production freeze too little too late We are sceptical that renewed talks of a production freeze by OPEC and other large producers will lead to an actual deal. Even if there is an agreement this time round, we doubt that freezing output... 8th August 2016 · 1 min read
Commodities Update Iron ore bucks weak China commodity imports Growth in China’s commodity import volumes slowed in July, despite some recent encouraging signs from activity indicators. In some cases, higher domestic output is edging out imports. In others, ample... 8th August 2016 · 1 min read
Industrial Metals Update Has the zinc rally further to go? The price of zinc has surged in recent months, primarily on better prospects for steel demand. But while fundamentals are moving in the right direction and we expect the market to be in deficit this... 8th August 2016 · 1 min read
Precious Metals Update Central banks to remain net buyers of gold Central banks resumed their gold purchases in June, after having turned net sellers in May, with Russia and China once again particularly active. While gold demand from the official sector was... 5th August 2016 · 1 min read
Energy Update Has the rally in coal prices burnt out? Continued falls in demand and lower Chinese imports in the second half of the year should put downward pressure on coal prices, even if small stocks support prices in the near term. 5th August 2016 · 1 min read
Precious Metals Update Weaker currencies continue to sustain supply The prices of precious metals in US dollar terms are back to the level seen at the beginning of 2010, with the exception of platinum, which has fallen sharply during the period. However, production... 4th August 2016 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (May/Jun.) Detailed Chinese industrial production figures for June show that output of most industrial metals increased on the month. While the general rally in metals prices has offered incentives to boost... 3rd August 2016 · 1 min read
Energy Update Oil prices more likely to rise than fall The recent falls in oil prices have raised concerns that the fuel could be entering a new bear market. However, we think that oil prices are more likely to rebound a little by the end of the year than... 2nd August 2016 · 1 min read
Industrial Metals Update Investors turn positive on industrials After dipping in the wake of the UK’s vote to leave the EU (Brexit), the prices of most industrial metals have rallied strongly since. They have shrugged off disappointing economic news out of China... 28th July 2016 · 1 min read
Energy Update Déjà vu for oil prices? The rally in oil prices over the first half of the year, combined with the recent pull-back, has mirrored the movements in prices in the first half of 2015. However, rather than prices continuing to... 27th July 2016 · 1 min read
Industrial Metals Update Off-exchange stocks may plug any gaps LME metal stocks have fallen since the start of the year, while for the most part ShFE stocks have risen. However, summing stocks on all the major exchanges, the big moves have been a 25% drop in... 26th July 2016 · 1 min read
Precious Metals Update Further upside for gold and silver prices We expect a combination of looser monetary policy in the euro-zone, the UK and Japan and building inflationary pressures in the US to boost the prices of gold and silver over the next year or so... 21st July 2016 · 1 min read
