Metals Data Response Global Aluminium Production (Jul.) According to the International Aluminium Institute (IAI), global primary aluminium output rose by just 1% y/y last month, down from 7.1% y/y a month earlier. 21st August 2017 · 1 min read
Commodities Weekly Speculators give a boost to industrial metals prices The performance of commodities was mixed this week. Softer Chinese activity and construction data for July did little to cool the rally in industrial metals prices whilst increasing geopolitical risks... 18th August 2017 · 1 min read
Energy Update Brent backwardation should help to reduce oil stocks The recent backwardation in the Brent futures curve will encourage traders to continue to draw down stocks over the next few months, which should support spot prices. 17th August 2017 · 1 min read
Commodities Watch Bittersweet year for sugar The price of sugar has plummeted by 33% since the start of the year on expectations of a global surplus in the 2017/18 season (October-September). In this Commodities Watch, we discuss recent trends... 17th August 2017 · 1 min read
Commodities Update Commodities weather the storm Commodity prices held their own in the last month amid the escalation in geopolitical tensions involving the US and North Korea. The depreciation of the US dollar helped to support prices, along with... 16th August 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Persistent strength in refinery runs led to the biggest weekly decline in commercial crude oil inventories so far this year. We expect stocks to continue to fall, which should support oil prices. 16th August 2017 · 1 min read
Industrial Metals Update Iron ore’s last hurrah? The price of iron ore has staged an impressive rally since late June, fuelled by a combination of strong growth in China’s steel output and speculative activity. However, with steel demand and... 15th August 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Jul.) China’s July activity and investment data showed a marked downturn and reversed most of the gains recorded towards the end of the second quarter. We had always expected policy tightening to translate... 14th August 2017 · 1 min read
Commodities Weekly Rising geopolitical tension takes its toll on prices After a strong start to the week, most commodity prices fell back on Friday as concerns about the inflammatory rhetoric between the US and North Korea prompted investors to move out of riskier assets... 11th August 2017 · 1 min read
Precious Metals Update What does the North Korean crisis mean for gold prices? The price of gold was a key beneficiary of the recent increase in tensions between the US and North Korea. While we think that the chances of a full-scale war are quite slim, there remains huge... 11th August 2017 · 1 min read
Commodities Update Markets appear surprised by bearish WASDE data The prices of wheat and soybeans plunged after the US Department of Agriculture (USDA) revised up its estimates of global production. What’s more, it is projecting that global inventories of wheat and... 11th August 2017 · 1 min read
Industrial Metals Update Zinc rally to fade towards year-end After falling at the start of the year, robust demand and constrained supply have pushed the price of zinc higher in recent months. The strength in prices is likely to persist over the next couple of... 10th August 2017 · 1 min read
OPEC Watch Rising OPEC production puts market rebalancing at risk Another rise in OPEC’s production in July has not helped the group’s efforts to rebalance the oil market. However, strong demand and slower growth in non-OPEC output should still help to reduce stocks... 10th August 2017 · 1 min read
Metals Data Response South Africa’s Mine Production (Jun.) PGM output slumped in June as miners struggled with rising costs and falling metal content. We expect output to drop further in the second half of the year. 10th August 2017 · 1 min read
Energy Update Falling stocks to support oil prices, even if the dollar rises again A weaker US dollar has given some support to oil prices over the last month. However, the inverse relationship is likely to break down again over the next year as rising US interest rates support the... 10th August 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report The ninth consecutive weekly fall in US commercial crude stocks provides further evidence that the market is rebalancing. We expect this trend to continue over the next few months at least, which... 9th August 2017 · 1 min read
