Metals Watch High stocks to weigh on the nickel price, for now Having underperformed in the first quarter, the price of nickel surged in April, only to fall back more recently. The rally did, however, raise the question of whether the four-year long downturn in... 25th May 2016 · 1 min read
India Chart Pack PM Modi's first two years end on a high note Two years on from his inauguration, Prime Minister Narendra Modi has arguably just enjoyed his most successful month in office. For a start, PM Modi's BJP secured two important legislative victories... 25th May 2016 · 1 min read
Industrial Metals Update Turning bearish on lead demand Back in February we said that we were cautiously positive on lead demand this year and next. While we remain confident about a tighter supply outlook, we now believe that lead’s demand prospects are... 23rd May 2016 · 1 min read
Industrial Metals Update China’s metals import demand remained strong in April The volume of China’s metals imports generally eased back last month from their March highs, but were still buoyant. With copper stocks starting to fall, signs of a cyclical pick-up in the economy and... 23rd May 2016 · 1 min read
Commodities Weekly Fed jitters take some of the steam out of the rally Commodity prices fell back in the past week after the release of the minutes from the April FOMC signalled that US interest rates could yet rise as soon as next month. The markets are still only... 20th May 2016 · 1 min read
Metals Data Response Global Steel Production (Apr.) World Steel Association (WSA) data, released this afternoon, show that global steel output rose by 0.5% year on year in April. However, after sharp falls in January and February, global steel output... 20th May 2016 · 1 min read
Energy Chart Pack Supply disruptions fuel oil price rally Oil prices have continued to rally over the last month, especially the US benchmark WTI, which has been boosted by the disruptions to supply in Canada. Indeed, these outages have more than offset the... 20th May 2016 · 1 min read
Metals Data Response Global Aluminium Production (Apr.) According to the International Aluminium Institute, global primary aluminium output declined by 0.6% y/y in April. But the headline figure does not tell the whole story. Indeed, apart from in the US... 20th May 2016 · 1 min read
Commodities Update Gold price to end the year higher despite Fed tightening We expect the Fed to hike rates by more than the markets currently anticipate over the next couple of years, prompting further occasional weakness in the prices of gold and silver. Nonetheless, the... 20th May 2016 · 1 min read
Energy Watch What to expect from next month’s OPEC meeting The next meeting of the Organisation of the Petroleum Exporting Countries (OPEC), on 2nd June, is unlikely to be as interesting as the previous one in December, when the group decided to effectively... 19th May 2016 · 1 min read
Precious Metals Update Key takeaways from London Platinum Week With the London Platinum Week coming to an end, we are taking stock of the highlights from the past week of meetings with the major representatives of the PGM industry. The general sentiment across... 19th May 2016 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A further increase in demand for oil from refineries and Canadian supply constraints were insufficient to reduce the level of crude inventories last week. 18th May 2016 · 1 min read
Industrial Metals Update Is the rally in US steel prices sustainable? The price of steel in the US market has surged recently but it could be yet another commodity where premature price rises encourage additional supply. We caution that prices may fall from here as... 18th May 2016 · 1 min read
US Data Response Consumer Prices (Apr.) & Ind. Prod (Apr.) The 0.4% m/m increase in consumer prices was the biggest gain since February 2013 and reflects primarily a strong rebound in energy prices. More generally, the rebound in commodity prices we’ve seen... 17th May 2016 · 1 min read
Commodities Update Investors remain broadly positive Commodity price indices have risen in the last month, encouraged by the rally in oil prices. Although we are positive on the medium-term outlook for industrial commodity prices, we would caution that... 17th May 2016 · 1 min read
Industrial Metals Update Sentiment towards precious metals continues to improve Precious metals prices rallied last month, flattered by the recent US dollar weakness. Investors in the futures market added to their net-long positions, but the recent mixed news on the health of the... 17th May 2016 · 1 min read
