Industrial Metals Update Steel prices to recover but not until next year US and Chinese steel prices have continued to fall due to overcapacity and strong exports from China. However, the US government has begun to impose anti-dumping duties and Chinese output should fall... 24th November 2015 · 1 min read
Energy Update Energy commodities all fall foul of oversupply Whilst the current oversupply in the oil market has received the most media attention, excess production, despite the recent price falls, is a common theme across all energy commodities. In addition... 24th November 2015 · 1 min read
Commodities Update Brazil Sugar Production (1st Nov. – 16th Nov.) Figures released today by Brazil’s Sugarcane Industry Association, UNICA, show that 25.6 million tonnes of cane were harvested in the first half of November in the main South-Central cane-growing... 24th November 2015 · 1 min read
Commodities Update Are we only part way through the downswing of a super-cycle? The recent slump in industrial commodity prices can largely be attributed to ample supply built up during the previous boom colliding with a sharp slowdown in demand. As such, it can be seen as the... 23rd November 2015 · 1 min read
Precious Metals Update China’s PGMs imports weaken China’s imports of platinum group metals (PGMs) weakened in October but car production and the gold/platinum price ratio suggest that PGMs demand could soon improve. 23rd November 2015 · 1 min read
Global Economics Update Four key charts on the commodities “rout” (and the BDI) This Update aims to provide some perspective on the recent slides in oil and copper prices and the new record lows for the Baltic Dry Index of global shipping costs. It includes a more positive view... 20th November 2015 · 1 min read
Industrial Metals Update Outlook for sectoral REE demand is positive The market sectors which consume the most rare earths (REEs) are also the ones where demand is expected to grow the most next year. As such, REE demand should strengthen further next year. 20th November 2015 · 1 min read
Energy Update What do the weekly changes in US oil stocks actually tell us? Changes in US weekly crude oil stocks are most influenced by variations in net crude imports, which are extremely volatile. This means it is difficult to make inferences about prices just by looking... 20th November 2015 · 1 min read
Commodities Update Dollar strength weighs on agriculturals Strong US employment data and statements from members of the Federal Reserve in recent weeks have combined to bring forward investors’ expectations for the first US rate hike to December. The... 19th November 2015 · 1 min read
Industrial Metals Update Sentiment towards PMs sours again The prices of precious metals (PMs) have fallen sharply since mid-October. While expectations of a December hike by the Fed have been the biggest catalyst for moves in gold and silver prices, fears of... 18th November 2015 · 1 min read
Commodities Update Strong dollar puts pressure on commodities Commodity prices have suffered since the middle of October, with the Bloomberg Commodities Index underperforming equities by a sizeable margin. The strong appreciation of the US dollar weighed heavily... 17th November 2015 · 1 min read
Energy Update Risks to Middle East oil supplies remain high Ample global supply of oil means that prices are no longer incorporating much of a risk premium. However, the potential for disruption is still high and lack of spare capacity mean that prices could... 17th November 2015 · 1 min read
Industrial Metals Update Lower copper price premium may have an upside Given prevailing market conditions, reports that Codelco has cut copper price premiums for 2016 sharply was hardly that surprising. We therefore think the negative market reaction has been overdone... 17th November 2015 · 1 min read
Precious Metals Update Solar to provide additional support to silver prices Over the next few years, the price of silver should benefit further from governments’ increased focus on reducing global carbon dioxide emissions through investing in renewable energy. Solar energy is... 17th November 2015 · 1 min read
Commodities Update First global deficit in six years to lift sugar prices in 2016 After surging in early October due to a rise in Brazilian fuel prices, the world price for sugar has remained strong but volatile. Despite poor harvests in Brazil and the EU, further price rises this... 16th November 2015 · 1 min read
Commodities Update Oil prices should recover soon as market rebalances Last week’s slide in the price of crude oil has prompted us to lower our end-2015 forecasts, but we continue to expect a gradual recovery over the coming year. In particular, the latest news on global... 16th November 2015 · 1 min read
