Industrial Metals Update Another bumper month (and year) for China’s REE exports In December, China’s rare earth (REE) exports were up by nearly 50% m/m – much higher than the 10% m/m average growth seen since the start of 2012. We believe the sharp increase was partly seasonal... 29th January 2016 · 1 min read
Energy Update Could Russia join OPEC in supporting oil prices? The jump in oil prices today (to a high of $35) on speculation that Saudi Arabia and Russia could soon agree to cut output is at least consistent with our forecasts of a rebound by year-end... 28th January 2016 · 1 min read
Commodities Update China’s policy reform could spell further trouble for corn prices Recent reports suggest that the Chinese government will stop supporting domestic corn producers and let the market determine prices. If implemented, this could put further downward pressure on global... 27th January 2016 · 1 min read
Commodities Update Chinese import demand for ags slows at the end of 2015 The detailed Chinese import data for December, released earlier today, suggest that the strength of demand for agriculturals continued to ease at the end of 2015. 26th January 2016 · 1 min read
Precious Metals Update China’s imports suggest platinum back in fashion China’s imports of palladium plunged in 2015 as stocks were drawn down, but a pick-up in car production suggests that demand should recover soon. Meanwhile, imports of platinum were up strongly on the... 26th January 2016 · 1 min read
Industrial Metals Update Solid Chinese metals imports defy negative sentiment December was the fourth consecutive month of strong Chinese metals imports. Although low prices have probably played a role, we think that robust consumption, driven by increased infrastructure... 26th January 2016 · 1 min read
Energy Update A shaky start for US LNG The sharp drop in crude oil prices has led to markedly lower Asian liquefied natural gas (LNG) prices and poses a risk to the economic rationale of US LNG exports. That said, the flexibility of US... 25th January 2016 · 1 min read
Commodities Update Coffee prices set for limited recovery We expect global coffee output to rise only slightly in 2015/16, leading to a drawdown in global stocks, which should result in stronger prices. Our forecast that the Brazilian real will remain weak... 22nd January 2016 · 1 min read
Commodities Update Cocoa price still likely to end the year lower After taking the gold medal for price gains in 2015, cocoa has quickly fallen off the podium. Supply risks could see the price rebound over the short term before ending the year lower. 22nd January 2016 · 1 min read
Precious Metals Update Platinum price to recover despite emission scandal News that Renault failed emission tests on some vehicles has weighed on the price of platinum over the past few days. However, we think that sentiment towards platinum is excessively negative at the... 22nd January 2016 · 1 min read
Industrial Metals Update Zinc prices to benefit from resilient demand In recent weeks, the focus of has been on the supply of metals and whether producers will cut to rebalance the markets. But in the case of zinc, lower supply almost seems inevitable. As such, it will... 21st January 2016 · 1 min read
Energy Update Could Saudi Arabia spring a surprise output cut? Saudi Arabia has been willing and able to weather an extended period of low oil prices in order to squeeze out higher cost producers in the US, while perhaps also gaining some satisfaction from the... 20th January 2016 · 1 min read
Commodities Update Commodities caught in global markets' turmoil A downturn in China’s equity market since the start of the year and concerns about the country’s economic growth prospects reignited turmoil in global markets and dragged commodity indices lower. In... 20th January 2016 · 1 min read
Commodities Update Investor sentiment starts 2016 on a cold note After a poor 2015 for agriculturals, with a number seeing double-digit price falls, 2016 has started on a weak footing. While less affected by the economic cycle than other commodities, agriculturals... 20th January 2016 · 1 min read
Energy Update Could Saudi Arabia spring a surprise output cut? Saudi Arabia has been willing and able to weather an extended period of low oil prices in order to squeeze out higher cost producers in the US, while perhaps also gaining some satisfaction from the... 20th January 2016 · 1 min read
Industrial Metals Update Safe-haven demand drives gold price higher The turmoil in global equity markets has weighed on the prices of the more industrial precious metals (PM) over the past month, with platinum and palladium recording the worst losses. In contrast... 20th January 2016 · 1 min read
