Metals Outlook Precious metals to outshine industrials in 2019 An economic slowdown in China and less severe cuts to Chinese capacity should lead to lower industrial metals prices over the next year. In contrast, precious metals prices should gain from safe-haven... 26th October 2018 · 1 min read
Energy Outlook Softer demand to weigh on oil and coal Oil and coal prices look set to ease back over the next year as slower global economic activity constrains demand. At the same time, recent high prices have been incentivising supply. In contrast... 25th October 2018 · 1 min read
Middle East & North Africa Economics Weekly Saudi markets not out of the woods, oil prices drop The rally in Saudi Arabia’s stock market today has partially reversed the losses suffered since Jamal Khashoggi’s disappearance hit the headlines. But the threat of sanctions, coupled with falling oil... 25th October 2018 · 1 min read
Metals Data Response China and India’s gold imports (Sep.) The latest trade data for China and India show gold imports tumbled in September and higher gold prices in October could mean that imports remain weak, despite the Indian wedding season. 25th October 2018 · 1 min read
Commodities Update What a US slowdown would mean for commodities The economic slowdown that we expect in the US over the next few years is a key factor in our generally downbeat outlook for commodity prices. 25th October 2018 · 1 min read
Metals Data Response Global Steel Production (Sep.) Growth in global steel production accelerated in September to 4.4% y/y, with mills ramping up in China and the US buoyed by healthy margins in both countries. We expect winter production cuts in China... 24th October 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Although crude stocks rose again, a larger-than-expected draw on gasoline stocks stole the headlines. However, we think gasoline stocks will rise again when refineries come out of maintenance. 24th October 2018 · 1 min read
Metals Data Response Global Aluminium Production (Sep.) Global aluminium output in January-September was only slightly higher than a year ago as production gains in the US, India and the Gulf states have been offset by lower output in China and Europe. We... 22nd October 2018 · 1 min read
Commodities Weekly Politics and policy may take centre stage Commodity markets will have little in the way of relevant data to focus on next week. Instead, prices are likely to be driven more by developments on the political and policy fronts. The case of the... 19th October 2018 · 1 min read
Commodities Outlook Hard to be positive on 2019 Our forecast of slower global growth next year points to weaker growth in commodities demand and lower prices. Of course, the prices of many non-oil commodities have already fallen sharply this year... 19th October 2018 · 1 min read
Industrial Metals Update Weak auto sales signal lower metals prices ahead Automobile demand has been sluggish for several months in China. This will weigh on demand for most metals and lead to lower prices too, especially for platinum group metals (PGMs) prices. 18th October 2018 · 1 min read
Middle East & North Africa Economics Update Saudi: fresh political shock and oil prices key risks to watch The fallout from the disappearance of Saudi journalist, Jamal Khashoggi, has supposedly shifted investors’ attention to the Saudi government’s rising debt burden, but we think that these concerns are... 18th October 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Inventories of crude oil jumped again as exports fell back sharply. The latest data are likely to have been distorted by Hurricane Michael but crude stocks have been building for some weeks and should... 17th October 2018 · 1 min read
Commodities Update Higher demand to boost corn prices The USDA’s latest projections have not changed our view that ample supply will remain a problem for the grains and soybean markets. That being said, a fall in corn stocks, coupled with the potential... 15th October 2018 · 1 min read
Energy Update Saudi Arabia unlikely to resort to “oil weapon” We do not expect Saudi Arabia to cut oil production in response to US criticism over a missing journalist, not least because it will want to preserve the “anti-Iran axis” with the US. However, if the... 15th October 2018 · 1 min read
Commodities Weekly China will be back in the spotlight The focus of commodity markets next week is likely to be the raft of data out of China, culminating in Q3 GDP and September industrial output and investment spending on Friday. The September data, in... 12th October 2018 · 1 min read
