Commodities Weekly

China to the rescue?

This week has provided further tentative signs of a revival in commodities demand. China’s industrial production bounced back in April and weekly data in the US suggest that the pick-up in gasoline...

15th May 2020 · 7 mins read

Commodities Weekly

Investors may have got ahead of themselves

Industrial commodities prices posted strong gains this week on the back of signs of a relaxation of quarantine measures in Europe and the US, which fuelled hopes that demand would recover soon...

7th May 2020 · 7 mins read

Commodities Weekly

Still a bumpy road ahead

Despite a raft of terrible economic data, industrial commodity prices ended the week broadly flat, except for oil prices which rose sharply. Attention is turning to the potential relaxation of...

1st May 2020 · 8 mins read

Commodities Weekly

No respite for oil yet

Well-placed fears that the world is fast running out of storage for crude buffeted oil prices this week. On an extraordinary day of trading, the spot price of WTI fell deep into negative territory on...

24th April 2020 · 7 mins read

Commodities Weekly

Too soon to call a recovery

News of a record 9.7m bpd cut to output by OPEC and its allies failed to prop up oil prices, which fell again this week. As long as virus-containment measures continue to depress demand, we expect oil...

17th April 2020 · 7 mins read

Commodities Weekly

Prices hang on the outcome of the OPEC+ meeting

Despite the apparent conviction of US President Trump, much uncertainty remains over whether Saudi Arabia and Russia will manage to strike a deal in today’s OPEC+ meeting. Our best guess is that the...

9th April 2020 · 8 mins read

Commodities Weekly

All eyes on OPEC+ (again)

The price of Brent crude surged by 30% this week after President Trump suggested that Saudi Arabia and Russia were close to agreeing an eye-watering 15m bpd output cut to combat COVID-19’s hit to...

3rd April 2020 · 7 mins read

Commodities Weekly

Supply cuts unlikely to lift prices yet

Commodity prices are still highly volatile, but they have remained in the doldrums this week despite the rally in other risky assets, notably equities. We have argued for some time that until the...

27th March 2020 · 7 mins read

Commodities Weekly

Commodity prices still on thin ice

Industrial commodity prices slumped this week amid virus-related economic disruption in the US and Europe and rising concerns about a deeper economic downturn in Asia, particularly China. Meanwhile...

20th March 2020 · 7 mins read

Commodities Weekly

Still some way from the bottom

Commodity prices tumbled this week, echoing moves in other financial markets. Oil was among the worst performers as Saudi Arabia and Russia announced that they will ramp up output from April, after...

13th March 2020 · 7 mins read

Commodities Weekly

Oil prices plunge as Russia refuses to play ball

Oil prices closed below $50 per barrel this week for the first time in two years as Russia refused to rollover or deepen OPEC+ output cuts at the latest meeting with OPEC in Vienna. As a result, we...

6th March 2020 · 7 mins read

Commodities Weekly

Virus is prompting a rethink of forecasts

The prices of almost all commodities plunged this week amid fears that the coronavirus is morphing into a pandemic, with negative implications for global economic activity and commodities demand...

28th February 2020 · 7 mins read

Commodities Weekly

Markets to remain concerned about China’s demand

Industrial commodity prices trod water this week as investors struggled to assess the extent of the economic fallout from COVID-19. That said, the lingering sense of uncertainty put wind in the sails...

21st February 2020 · 7 mins read

Commodities Weekly

Sense of calm may not last

The prices of most industrial commodity prices rose this week on hopes that the coronavirus is near to its peak and that economic activity in Asia will start to pick up soon. The announcement of...

14th February 2020 · 7 mins read

Commodities Weekly

Virus to remain the main driver of prices

Having plunged a week earlier, commodity prices stabilised a little towards the end of this week. That said, until we have a clearer steer on the scale and duration of the coronavirus, it is difficult...

7th February 2020 · 7 mins read