Energy Update What are the prospects for Latin American oil? Declining output of crude in Latin America is one factor supporting our view that the global oil market will return to balance on a more sustainable basis by the end of 2016. That said, we think it is... 27th May 2016 · 1 min read
Precious Metals Update Silver price to benefit from increasing focus on solar Strong growth in the number of solar installations in China and the US should see silver demand from the sector increase by over 20% y/y in 2016. While solar power currently accounts for just a small... 27th May 2016 · 1 min read
Industrial Metals Update Turning bearish on lead demand Back in February we said that we were cautiously positive on lead demand this year and next. While we remain confident about a tighter supply outlook, we now believe that lead’s demand prospects are... 23rd May 2016 · 1 min read
Industrial Metals Update China’s metals import demand remained strong in April The volume of China’s metals imports generally eased back last month from their March highs, but were still buoyant. With copper stocks starting to fall, signs of a cyclical pick-up in the economy and... 23rd May 2016 · 1 min read
Commodities Update Gold price to end the year higher despite Fed tightening We expect the Fed to hike rates by more than the markets currently anticipate over the next couple of years, prompting further occasional weakness in the prices of gold and silver. Nonetheless, the... 20th May 2016 · 1 min read
Precious Metals Update Key takeaways from London Platinum Week With the London Platinum Week coming to an end, we are taking stock of the highlights from the past week of meetings with the major representatives of the PGM industry. The general sentiment across... 19th May 2016 · 1 min read
Industrial Metals Update Is the rally in US steel prices sustainable? The price of steel in the US market has surged recently but it could be yet another commodity where premature price rises encourage additional supply. We caution that prices may fall from here as... 18th May 2016 · 1 min read
Commodities Update Investors remain broadly positive Commodity price indices have risen in the last month, encouraged by the rally in oil prices. Although we are positive on the medium-term outlook for industrial commodity prices, we would caution that... 17th May 2016 · 1 min read
Industrial Metals Update Sentiment towards precious metals continues to improve Precious metals prices rallied last month, flattered by the recent US dollar weakness. Investors in the futures market added to their net-long positions, but the recent mixed news on the health of the... 17th May 2016 · 1 min read
Commodities Update Three reasons to be wary of the latest surge in oil prices The continued recovery in the price of crude oil has lifted Brent close to $50 per barrel, prompting a wave of positive headlines and upward revisions to analysts’ forecasts. However, for now we are... 16th May 2016 · 1 min read
Commodities Update Will copper continue to underperform oil? We expect the recent under-performance of copper prices relative to oil to be reversed over the remainder of the year. Oil prices have been boosted by supply outages which should prove temporary... 13th May 2016 · 1 min read
Precious Metals Update Q1 2016 World Gold Council Demand Trend In its Q1 Global Demand Trends report, published today, the World Gold Council (WGC) described a strong quarter for gold demand. A sharp recovery in investor sentiment more than offset a fall in... 12th May 2016 · 1 min read
Energy Update European gas prices will undershoot oil price recovery We are forecasting that the price of Brent Crude will reach $60 per barrel by the end of next year, but there are several reasons why we do not expect European natural gas prices to experience a... 12th May 2016 · 1 min read
Industrial Metals Update Stockbuild in China reflects optimism about demand Since the start of 2016, stocks of all the LME metals have fallen, while SHFE inventories of the same metals have risen. We think this trend reflects two main factors. First, optimism that physical... 11th May 2016 · 1 min read
Precious Metals Update How much of a threat are electric cars to PGMs demand? Electric vehicles have been the subject of much publicity recently, leading some commentators to question the future of PGMs in the auto industry. While we recognise the growing importance of electric... 10th May 2016 · 1 min read
Energy Update Oil production outages supporting prices, for now Disruptions to oil output around the world have put the brakes on the slide in oil prices since the beginning of this month. However, these production outages should only be temporary. When output is... 10th May 2016 · 1 min read
