Industrial Metals Update Resilient Chinese economy supports prices Industrial metals prices have profited in the last month from relatively upbeat economic data out of China as well as the Fed’s decision not to raise interest rates just yet. We expect China’s economy... 29th September 2016 · 1 min read
Latin America Economics Update An anatomy of Brazil’s recession The depth of Brazil’s recession has been blamed on everything from lower global commodity prices and tightening domestic credit conditions to poor infrastructure and excessive red tape. But this... 29th September 2016 · 1 min read
Middle East & North Africa Economics Update Saudi Arabia: first thoughts on the implications of the OPEC deal Last night’s OPEC deal to cut output is short on details, although our sense is that it’s unlikely to be a game-changer for Saudi Arabia, even if it shoulders most of the burden of the fall in... 29th September 2016 · 1 min read
OPEC Watch OPEC deal not a game-changer for oil markets Last night’s surprise OPEC announcement that it will limit output caused prices to surge. But the lack of details, OPEC’s poor record of compliance with its own quotas and the potential for shale... 29th September 2016 · 1 min read
Energy Data Response US Weekly Petroleum Status Report (28th Sep. 16) US crude oil stocks fell last week as net imports and domestic production fell. However, gasoline stocks rose – despite lower refinery output – as demand weakened. 28th September 2016 · 1 min read
Emerging Europe Economics Update How much of a concern are Russia’s public finances? The fall in oil prices has caused a considerable deterioration in Russia’s budget position, forcing the government to dip into its oil reserves. In this Update, we answer six key questions on the... 28th September 2016 · 1 min read
Industrial Metals Update What do higher coking coal prices mean for iron ore? The recent doubling of coking coal prices has been cited as good news for the price of iron ore. However, we think quite the contrary. A supply shock has underpinned the rally in coking coal prices... 26th September 2016 · 1 min read
Commodities Weekly Algiers unlikely to be a game-changer For the most part, commodity prices have risen this week, boosted by some weakness in the US dollar. The Fed's decision on Wednesday to keep interest rates on hold weighed on the US currency. That... 23rd September 2016 · 1 min read
Middle East & North Africa Chart Pack Saudi Arabia likely to stick with fiscal austerity There have been signs in recent weeks that the sharp slowdown in the Saudi economy caused by fiscal austerity may have prompted the authorities to look at alternative solutions to deal with the... 22nd September 2016 · 1 min read
Industrial Metals Update China’s metals imports remained subdued in August August was another weak month for China’s metals imports. In some cases, lower supply and higher prices have weighed on import volumes. However, relatively soft underlying demand could have also... 22nd September 2016 · 1 min read
Energy Update What to make of promises of more output from Libya and Nigeria Planned increases in output from Libya and Nigeria makes it even less likely that major oil producers will agree an output freeze next week in Algeria. But the output gains will have to be sustained... 22nd September 2016 · 1 min read
Energy Data Response US Weekly Petroleum Status Report (21st Sep. 16) US crude oil stocks fell sharply last week. However, imports and production rose whilst demand from refineries slipped back. Gasoline stocks also declined as demand jumped and output from refineries... 21st September 2016 · 1 min read
Metals Data Response Global Steel Production (Aug.) South Africa’s total mine production continued to fall in August, but PGM output recovered as miners took advantage of higher prices. Looking ahead, we think there is a risk of supply disruptions in... 21st September 2016 · 1 min read
Commodities Update Dollar strength weighs on sentiment A stronger dollar, a reduction in risk appetite and a scaling back of expectations that oil producers will actually limit output made it a tough month for most commodities. However, the price of gold... 20th September 2016 · 1 min read
India Economics Update Domestic factors unlikely to cause rupee slump The rupee has been stable against the US dollar in recent months. Looking ahead, suggestions that domestic factors, including calls from within government for a devaluation of the currency and the RBI... 20th September 2016 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (Jul./Aug.) Detailed Chinese industrial production figures for August paint a mixed picture of refining activity. While refined copper production was growing strongly, there were sharp downturns in tin and nickel... 20th September 2016 · 1 min read
