Industrial Metals Update Copper still waiting in the wings The price of copper has not risen by as much as the prices of other metals in recent months. But we think the underlying outlook for demand is strong and that there are risks on the supply side. As... 10th May 2016 · 1 min read
Commodities Update China’s commodity import demand remains robust The sharp year-on-year decline in China’s import values in April has attracted some negative headlines but largely reflects distortions around the timing of the Lunar New Year and the slump in... 9th May 2016 · 1 min read
Precious Metals Update Is the recent rally in PGM prices sustainable? The recent rally in platinum group metals (PGM) prices has been stronger than we had anticipated and may not be sustainable. Indeed, prices have already retraced slightly from their recent peak of a... 4th May 2016 · 1 min read
Industrial Metals Update Investors cannot ignore oversupply of iron ore much longer The large speculative element in the recent rally in iron ore prices suggests that prices are especially vulnerable to any waning in the enthusiasm of Chinese investors, perhaps prompted by a further... 27th April 2016 · 1 min read
Commodities Update A mixed bag for Chinese agricultural imports in Q1 The detailed Chinese import data for March indicate that import demand picked up for some agricultural commodities in the first quarter of the year. Yet imports of some other commodities continued... 21st April 2016 · 1 min read
Energy Update Will Saudi Arabia flood the oil market again? Looking beyond the headlines from the failed deal in Doha over the weekend there are two interesting points which are worth considering. First, the suggestion that Saudi Arabia could turn on the taps... 21st April 2016 · 1 min read
Industrial Metals Update A strong first quarter for China’s metals imports China’s metals imports remained high in March, reflecting the general optimism about a pick-up in demand. However, recent price rises and signs of stockpiling in China suggest that import growth may... 21st April 2016 · 1 min read
Precious Metals Update China’s PGM imports point to strong demand in Q1 China’s imports of palladium and platinum were up strongly in the first quarter as the tax break on small cars and relatively low prices stimulated demand for PGMs in the local market. Looking ahead... 21st April 2016 · 1 min read
Industrial Metals Update Ditching of Chinese subsidies unlikely to rein in exports China’s decision to scrap its export subsidy programme will do little to help overcome huge surpluses of aluminium and steel, or to allay concerns about it dumping excess production on world markets... 20th April 2016 · 1 min read
Commodities Update Investors turn positive on agriculturals again After the combined net-short position in eight of the main agriculturals we cover rose to a record level at the start of March, investor confidence has rebounded. Indeed, a weaker US dollar and more... 20th April 2016 · 1 min read
Commodities Update Prices rebound in April Having wobbled in late March, most commodity prices have rebounded of late. Stronger economic data for March out of China has assuaged some concerns about demand and more than offset the negative... 19th April 2016 · 1 min read
Precious Metals Update Silver playing catch-up with gold After lagging behind for the past year, the price of silver is finally catching up with that of gold, moving towards our year-end forecast of $19.5 per ounce. Its higher industrial profile, coupled... 19th April 2016 · 1 min read
Energy Update Doha disappoints, but oil market likely to rebalance anyway The failure of Sunday’s meeting in Doha to freeze oil production has further undermined the credibility of OPEC. But it has very little impact on our outlook for supply over the rest of the year. We... 18th April 2016 · 1 min read
Commodities Update Chinese data point to robust commodity demand First-quarter Chinese economic data suggest a cyclical rebound is underway, driven by state-sector spending. The data justify some of the recent strength in commodity prices and underpin our forecast... 15th April 2016 · 1 min read
Commodities Update Support for the price of cocoa should fade later this year The price of cocoa is likely to remain elevated in the near term due to continued supply concerns. But as output returns to normal, we think that the price will fall over the second half of the year. 15th April 2016 · 1 min read
