OPEC Watch OPEC production falls as compliance improves OPEC continued to reduce its production in February. However, the group also revised upwards its expectations for non-OPEC output. 14th March 2017 · 1 min read
Metals Data Response South Africa’s Mine Production (Jan.) South Africa’s overall mine production recovered slightly in January, as higher prices acted as an incentive for producers to increase output. The strength in the output data was broad-based, with... 14th March 2017 · 1 min read
Commodities Weekly Investor enthusiasm on the wane It has been a disappointing week for commodity prices, against a backdrop of a stronger dollar and the likelihood of an imminent rate hike in the US. The strong US employment report on Friday removed... 10th March 2017 · 1 min read
Industrial Metals Update Soaring copper stocks reflect waning investor optimism The big story this month is an unexpected surge in LME copper stocks, which appears to be related to investors closing long positions in the futures market. At the same time, China’s exchange stocks... 10th March 2017 · 1 min read
Precious Metals Update Fed tightening to prove too strong a headwind for gold prices After rising for most of February, gold prices have slumped in recent days, falling below the $1,200 per ounce mark, on expectations that the Fed will press ahead with a rate hike next week. We expect... 10th March 2017 · 1 min read
Energy Update Has the stability in oil prices come to an end? A return to more normal levels of volatility in oil prices seems likely over the next few months as investors question the effectiveness of OPEC’s production cuts. However, we still expect prices to... 10th March 2017 · 1 min read
Energy Chart Pack Gas and coal prices fall but oil prices remain stable Oil prices were remarkably quiet in February. Indeed, the price of Brent moved by less than $2 per barrel during the month, but prices have fallen so far in March. February proved to be a more... 9th March 2017 · 1 min read
Metals Watch A bright road ahead for cobalt…but beware of bumps While we have been positive on the prospects for cobalt prices for some time now, we think that the most recent rally is overdone. Admittedly, the market is tightening. But, in our view, the move-up... 8th March 2017 · 1 min read
Commodities Watch Policy uncertainty is weighing on US agriculture In late February, the US Department of Agriculture (USDA) published its first assessment of the prospects for US crops in 2017/18. In this Commodities Watch, we will discuss the USDA’s forecasts and... 8th March 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Crude oil stocks rose sharply last week as imports and output increased and inputs to refineries fell. But product stocks declined by even more, as demand edged higher. 8th March 2017 · 1 min read
Commodities Update China’s commodity imports holding up well China’s commodity import volumes remained strong in February, despite generally higher prices. However, we are reluctant to read too much into the data given the usual seasonal distortions. 8th March 2017 · 1 min read
Commodities Weekly Commodity prices brace themselves for Fed tightening The big news this week was the ratcheting up of expectations of an imminent rate hike by the Fed, which weighed on most commodity prices. That said, the prices of US grains and soybeans rose, on... 3rd March 2017 · 1 min read
Metals Chart Pack Metals prices consolidate at a higher level The prices of some industrial metals eased back in February, but the bigger picture is that they broadly held on to the gains made in January. A combination of optimism about demand, notably in the US... 3rd March 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude oil inventories increased again last week, for the eighth consecutive week. On the other hand, gasoline and distillate stocks fell. 1st March 2017 · 1 min read
Latin America Economics Update Peru: 2016 likely to be as good as it gets for the economy Peru’s economy is likely to weaken in 2017 as the one-off boost from a surge in copper production fades and a gradual tightening of policy weighs on the non-mining sector. After expanding by 3.9% in... 1st March 2017 · 1 min read
Commodities Update China’s PMIs are not all good news for commodities Both the official and unofficial February manufacturing PMIs for China surprised on the upside. However, much of the growth was driven by higher export orders, which we think are unlikely to be... 1st March 2017 · 1 min read
