Industrial Metals Update What do US tariffs mean for steel & aluminium? President Trump’s tariffs on imports of steel and aluminium are likely to be a bigger deal for the price of US steel than aluminium. But US steel prices have already surged, which coupled with higher... 9th March 2018 · 1 min read
Energy Update How could NAFTA talks impact energy commodities? Whilst we do not think that the renegotiation of NAFTA is likely to have a significant impact on demand for most energy commodities, the possibility of more protectionist measures and the subsequent... 8th March 2018 · 1 min read
Industrial Metals Update Lead to remain under pressure Dwindling mine supply and, more recently, strong winter demand for car replacement batteries have given a boost to the price of lead. However, demand is weakening which, coupled with increasing... 8th March 2018 · 1 min read
Commodities Update No need for concern over China’s February imports China’s commodity import volumes fell back sharply in February, but this can probably be explained by the week-long New Year holiday which fell in the middle of the month. The bigger picture is that... 8th March 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A rebound in net imports and jump in US production drove crude stocks higher last week. Surging oil supply from the US is a key reason why we expect oil prices to fall over the rest of this year. 7th March 2018 · 1 min read
Commodities Update Do the NAFTA talks have implications for commodities? If the US were to withdraw from NAFTA, it could lead to downward pressure on US agricultural prices. But the impact on the more industrial commodities, including energy, is likely to be limited. 7th March 2018 · 1 min read
Metals Chart Pack A mixed month for metals The prices of metals diverged last month. The prospect of a blanket tariff on US imports led to a jump in the price of US steel. At the same time, concerns about demand, notably from China, weighed on... 7th March 2018 · 1 min read
Energy Update How could sanctions on Venezuela impact oil prices? Even if the US imposes sanctions on Venezuela’s oil sector we doubt that the impact on oil prices will be substantial. The US has already halved its imports from Caracas with no discernible effect on... 6th March 2018 · 1 min read
Emerging Markets Economics Update EM commodity producers on the mend GDP data for 2017 revealed a widespread improvement in growth in key EM commodity producers last year. While we are relatively downbeat on the medium-term prospects for most of these economies, we... 6th March 2018 · 1 min read
Metals Watch Nickel: no shortage in sight Strong growth in China’s stainless steel output and supply disruptions have buoyed nickel prices so far this year. In this Metals Watch, we take a look at the most recent developments in both demand... 6th March 2018 · 1 min read
Commodities Weekly Trump’s tariffs target commodities It was generally a negative week for commodity prices. Oil prices tumbled and precious metals prices were buffeted by Jerome Powell’s testimony, which all but ensured a rate hike this month. China’s... 2nd March 2018 · 1 min read
Energy Chart Pack Equity markets led, oil prices followed Energy prices were volatile in February, buffeted by equity market gyrations and changing weather forecasts. Oil prices were particularly frothy, but still slumped on the month as US production... 2nd March 2018 · 1 min read
Commodities Update What will US tariffs mean for steel prices? President Trump’s announcement of tariffs on steel and aluminium imports was expected. But what is perhaps more surprising is that the tariffs are particularly punitive and threaten to ignite... 2nd March 2018 · 1 min read
Global Economics Update How big a deal are the US tariffs? Steel and aluminium account for about 2% of world trade, so the direct impact on the global economy of the tariffs President Trump announced yesterday would be minimal. But the fact that they are... 2nd March 2018 · 1 min read
Commodities Chart Pack Agriculturals bucked the trend Commodity prices fell sharply in the wake of the sell-off in global equity markets in late-January, but have recovered much of the lost ground. The key sub-sectors of the S&P GSCI are now close to... 1st March 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A rebound in net imports drove crude stocks higher last week. Admittedly, imports are volatile so this could be reversed this week. But US oil production also resumed its upward trend and demand for... 28th February 2018 · 1 min read
