Industrial Metals Update The ABC of aluminium restarts We believe that the restarts at Alunorte, Becancour and in China will provide additional downward pressure on the price of aluminium. This, coupled with a weak demand backdrop, means that we expect... 8th July 2019 · 3 mins read
Commodities Weekly Commodities down in the dumps Despite a swathe of news that should have been positive, commodity prices struggled to make gains this week as concerns about global growth continue to weigh on sentiment. Even the strong US... 5th July 2019 · 7 mins read
Precious Metals Update Why gold prices have risen too far, too fast In the last month, a slew of events sparked gold’s strongest rally in nearly three years. We have not changed our long-held view that lacklustre global growth and a tumble in equity markets will keep... 5th July 2019 · 3 mins read
Energy Chart Pack Weak demand to keep a lid on oil prices Oil prices rose a little in June on a combination of escalating US-Iran tensions, signs of a truce in the US-China trade war and the expectation that OPEC+ would extend its production cuts. However... 4th July 2019 · 6 mins read
Metals Chart Pack Clouds gathering over metals demand The key themes last month were a marked decline in expectations for global growth and a dash for safe-haven assets by investors. Even the recent easing of tensions in the US-China trade dispute has... 4th July 2019 · 7 mins read
Commodities Chart Pack ‘Glass half empty’ sentiment to prevail While June was a relatively positive month for commodity prices, we think that a combination of slower global growth and waning risk appetite will lead to lower prices for energy and industrial metals... 3rd July 2019 · 7 mins read
Energy Data Response US Weekly Petroleum Status Report A surge in net imports meant that commercial crude oil stocks fell by less-than-expected last week. We expect stocks to continue to drop in the weeks ahead in line with the seasonal uptick in gasoline... 3rd July 2019 · 2 mins read
OPEC Watch OPEC+ output restraint won’t prevent prices falling OPEC+ has agreed to rollover its current output quotas for nine months, but weak demand means that we still expect the market to move into a surplus and oil prices to fall by end-2019. 2nd July 2019 · 3 mins read
Commodities Update China PMIs do not bode well for commodity prices Another month of weak PMI readings confirms a renewed slowdown in China’s economy. While optimism surrounding the US-China trade truce is currently buoying commodity prices, we think slower growth in... 1st July 2019 · 2 mins read
Australia & New Zealand Chart Pack Dovish central banks set to cut rates further he subdued global outlook and weakness in domestic economic activity has caused us to revise down our forecasts for interest rates in Australia and New Zealand. In Australia, annual GDP growth slowed... 1st July 2019 · 9 mins read
Commodities Weekly Outcome of G20 and OPEC meetings to drive prices Commodity markets have been relatively quiet ahead of the G20 meeting (this weekend) and OPEC meetings (Monday and Tuesday). Investors are optimistic that a truce on trade will be agreed when... 28th June 2019 · 6 mins read
Industrial Metals Update Copper not to come a cropper Despite rising trade tensions and soft demand growth, we think that the price of copper will be resilient in the coming months and rally thereafter due to supply constraints. 28th June 2019 · 3 mins read
OPEC Watch OPEC+ appears likely to extend its output cuts We expect OPEC+ to reaffirm its current output quotas for another six months when it meets next week. The group is likely to justify the move by highlighting high stocks and subdued demand prospects... 28th June 2019 · 3 mins read
Energy Data Response US Weekly Petroleum Status Report We think last week’s unexpectedly large decline in US crude stocks can be explained more by the fall in OPEC production than by surging domestic demand. That said, we do not think that the latest drop... 26th June 2019 · 2 mins read
Industrial Metals Update The writing is on the wall for Chinese steel Chinese steel rebar prices have been bolstered recently by surprisingly resilient construction activity, but we expect demand to falter in the coming months and prices to fall sharply. 20th June 2019 · 1 min read
Metals Data Response Global Aluminium Production (May) Global aluminium production was unable to shake off its recent malaise in May. That said, lower input costs could offer some support to output this year. But regardless of any supply developments, our... 20th June 2019 · 1 min read
