Industrial Metals Update Stock movements point to a tighter zinc market A surge in cancelled warrants on LME stocks can explain some of the rally in the price of zinc. That said, inventories of most other metals have risen over the last month, suggesting markets are amply... 15th January 2018 · 1 min read
Emerging Markets Economics Update Quick thoughts on the recent jump in oil prices The economic gains from the recent rise in oil prices are concentrated among a handful of EMs (mainly in the Gulf) but the losses are spread more widely. That being said, if oil holds onto its recent... 15th January 2018 · 1 min read
Global Economics Update Oil at $70pb is not a threat to the global economy We expect oil prices to fall back from their three-year high in the coming months due to increasing supply. But even if prices stayed around $70pb, they would not endanger the global economy. The... 12th January 2018 · 1 min read
Commodities Weekly Commodities shrug off weak Chinese imports The prices of most commodities edged higher this week. Industrial metals rallied despite Chinese trade data showing that domestic demand had weakened at the end of 2017. Meanwhile, heightened... 12th January 2018 · 1 min read
Global Economics Update Oil at $70pb is not a threat to the global economy We expect oil prices to fall back from their three-year high in the coming months due to increasing supply. But even if prices stayed around $70pb, they would not endanger the global economy. The... 12th January 2018 · 1 min read
Commodities Update China’s commodity imports end 2017 with a slump China’s commodity imports dropped in December, coming off strong growth in November. But volumes remained healthy for 2017 as a whole. We expect imports to fall back as growth in China’s economy slows... 12th January 2018 · 1 min read
Metals Watch Have we got too excited about EVs? Electric vehicle sales have skyrocketed over the past few years. As a result, the sector has become a growing source of demand for metals. In this Metals Watch, we look at the latest trends in... 11th January 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude stocks continued to fall last week but product stocks have increased sharply since November as demand from refineries has not been matched by higher product consumption. This may pressure... 10th January 2018 · 1 min read
Precious Metals Update Silver will continue to underperform gold in 2018 At first glance, the recent poor performance of silver would appear surprising given that both gold and industrial metals prices rallied in 2017. However, we think that reduced safe-haven demand has... 9th January 2018 · 1 min read
Commodities Weekly A cautious start to the year The prices of most commodities trended higher this week, supported by a weaker US dollar. Falling US stocks and heightened geopolitical risk pushed the oil price higher. In contrast, industrial metals... 5th January 2018 · 1 min read
Energy Update Oil will struggle to hold on to its gains A combination of falling US stocks, mounting geopolitical risk and OPEC’s deal to extend its output cuts has pushed the price of oil higher in recent weeks. However, we think that rising non-OPEC... 5th January 2018 · 1 min read
Industrial Metals Update Aluminium still in comfortable supply Aluminium production in China is likely to continue to fall over the next few months as the Chinese authorities impose output cuts. While this would give the impression of a tighter market, Shanghai... 5th January 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Persistent strength in demand from refineries and an increase in exports pushed US crude stocks lower last week. However, petroleum product stocks jumped as demand plummeted during the holiday season... 4th January 2018 · 1 min read
Metals Chart Pack Industrials outperform precious metals in 2017 The prices of most metals rallied in 2017, bolstered by strong Chinese economic growth, a weaker dollar and, in some cases, supply concerns. But, overall, industrial metals outperformed precious... 4th January 2018 · 1 min read
Energy Chart Pack A strong start to 2018 A number of temporary factors, including unusually cold winter weather and supply disruptions, gave a last-minute boost to the price of oil in 2017. Coal and LNG prices also benefitted from high... 4th January 2018 · 1 min read
Commodities Chart Pack Optimism fuels a late-year rally Commodity prices surged in December as the US dollar weakened. Looking at the sector breakdown, most sub-sectors of the S&P GSCI rose, led by industrial metals. Agriculturals were the only exception... 2nd January 2018 · 1 min read
