Commodities Weekly A short-term reprieve, before prices fall further President Trump’s decision to delay the proposed 10% tariff on just over $150bn of Chinese imports gave a lift to most industrial commodity prices this week. That said, any optimism about an improved... 16th August 2019 · 7 mins read
OPEC Watch OPEC Monthly Oil Market Report (Aug.) While another cut in Saudi Arabian oil output pushed OPEC production further below its quota in July, we doubt that the Kingdom is on the cusp of taking larger action in order to support oil prices. 16th August 2019 · 3 mins read
Industrial Metals Update Copper caught up in the global malaise Copper prices are hovering near two-year lows, reflecting investor concerns about the outlook for global growth. While dwindling mine supply should put a floor under prices, deteriorating investor... 16th August 2019 · 2 mins read
Commodities Focus OPEC the exception, not the rule Most commodity cartels have failed to manipulate prices for very long, and we think that any future cartels in commodity markets will be no different. Arguably, the Organization of Petroleum Exporting... 15th August 2019 · 15 mins read
Energy Data Response US Weekly Petroleum Status Report Lower demand from refineries is the primary reason for another unexpected rise in commercial crude stocks. This exaggerated today’s fall in prices, which had already been dragged down by weak economic... 14th August 2019 · 2 mins read
Commodities Update USDA estimates for supply disappoint grains markets The higher-than-expected forecasts for wheat and corn production in 2019/20 included in the USDA’s latest projections have sent prices tumbling. While we think that agricultural markets are right to... 13th August 2019 · 2 mins read
Industrial Metals Update Cobalt prices to soar Glencore’s decision to temporarily close the world’s largest cobalt mine by the end of this year has given cobalt prices a shot in the arm. As a result, the price of cobalt could rally by more than 60... 13th August 2019 · 3 mins read
Energy Update Little respite for LNG prices likely before 2021 The raft of liquefied natural gas (LNG) projects in the works suggests that the downward pressure on prices from surging global supply will continue this year and next. But with demand growth set to... 13th August 2019 · 3 mins read
Commodities Weekly Some signs of the dust settling The fall-out from Mr Trump’s threat to levy a 10% tariff on $300bn worth of Chinese imports continued to roil commodity markets this week. The prices of crude oil and most industrial commodities fell... 9th August 2019 · 7 mins read
Industrial Metals Update Nickel’s rally is premature Nickel prices have surged in recent weeks, owing to optimism over future demand from the electric vehicle sector and speculation that Indonesia’s ban on nickel ore exports could be brought forward... 9th August 2019 · 4 mins read
China Data Response Consumer & Producer Prices (Jul.) Weakening demand dragged producer price inflation into negative territory last month even as surging pork prices continued to push up consumer price inflation. Both have downbeat implications for the... 9th August 2019 · 2 mins read
Commodities Update Upturn in China’s imports flatters to deceive China’s commodity imports jumped in July, but this comes after pitifully low volumes in prior months and, in some cases, merely reflected improved availability. As such, it is unlikely to mark the... 8th August 2019 · 2 mins read
Energy Watch IMO 2020 demand boost will not spark oil price rally The International Maritime Organization (IMO) has set new standards for marine fuel, effective from the start of 2020. The rules have major implications for oil refineries and shipping companies, but... 8th August 2019 · 5 mins read
Energy Data Response US Weekly Petroleum Status Report While much of last week’s decline in commercial crude stocks is down to the EIA’s opaque adjustment factor, the latest stocks report nonetheless paints a fairly weak picture of US demand. Given our... 7th August 2019 · 2 mins read
Industrial Metals Update Back to normality for iron ore Iron ore prices have plunged by a sixth so far in August and we think that rebounding output and slower Chinese demand growth will mean that prices will fall by a further 20% to $80 per tonne by end... 7th August 2019 · 3 mins read
Commodities Weekly What a difference a day makes … Yesterday’s announcement by President Trump that a 10% tariff is to be levied on $300bn worth of Chinese goods came as a shock after reports of “constructive” trade talks between the US and China... 2nd August 2019 · 7 mins read
