Commodities Update The turn is nigh (if it hasn’t already happened) We do not expect the future paths to be smooth, but the rallies in commodity prices over the past week are consistent with the relatively positive views we have been expressing for some time. We are... 9th October 2015 · 1 min read
Commodities Update Investors start warming towards agriculturals again Cuts to production forecasts and other supply concerns have resulted in a sharp rise in the prices of a number of agricultural commodities since the beginning of September. In tandem, futures curves... 9th October 2015 · 1 min read
Australia & New Zealand Economics Weekly Better news from China only a reprieve The rebound we expect in China over the next few quarters should come as a relief to Australian policymakers and many investors. But long-run prospects for iron ore demand, which makes up more than... 9th October 2015 · 1 min read
Commodities Update Brazil Sugar Production (16th Sep. – 1st Oct.) Data released today by Brazil’s Sugarcane Industry Association, UNICA, showed that sugarcane harvesting in Brazil’s main South-Central region was back on track in the second half of September after... 8th October 2015 · 1 min read
Industrial Metals Update Consensus is moving towards a copper deficit next year Planned and unplanned cuts to copper supply now make it increasingly likely that the market will be in deficit next year (and possibly this year), even with very subdued demand projections. This... 8th October 2015 · 1 min read
Metals Data Response South Africa’s Mine Production (Aug.) South Africa PGM production and sales continued to fall in August as low prices are threatening miners’ profitability. We expect production growth to continue to slow over the remainder of the year... 8th October 2015 · 1 min read
Precious Metals Update What’s holding back gold? The price of gold has rallied, helped by the Fed’s reluctance to raise US interest rates, but still looks likely to end the year some way below January’s peak of around $1,300 per ounce. However, gold... 8th October 2015 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Stocks of both crude oil and gasoline rose again last week, helped by a fall in refinery utilisation and a small rebound in US oil production. 7th October 2015 · 1 min read
Commodities Update TPP impact on agricultural markets likely to be limited TPP is the largest trade deal to be negotiated for more than 20 years. But given the relatively small share of world imports of key agricultural commodities by the 12 signatories and many existing... 7th October 2015 · 1 min read
Energy Chart Pack Oil prices start to recover, but coal prices tumble September was a relatively quiet month, at least for oil prices, as calm returned to Chinese equities. What’s more, oil has actually started to recover in early October as China fears subside further... 7th October 2015 · 1 min read
Industrial Metals Update Can tin prices continue to outperform? Tin prices have risen recently, defying the generally negative sentiment towards metals. As we move into 2016, we expect stronger growth in demand to lead to further price gains. 7th October 2015 · 1 min read
Metals Data Response World Gold Official Reserves (Aug.) Global central banks continued to add gold to their reserves in August, with China and Russia once again particularly active. We expect further official purchases to be one of several factors... 7th October 2015 · 1 min read
Commodities Update Sugar price rally likely to falter soon The US dollar price of sugar has recently surged as a result of a hike in fuel prices in Brazil. But with the price of sugar already much higher in terms of Brazilian real, and the possibility of... 6th October 2015 · 1 min read
Metals Chart Pack Investor sentiment deteriorates further Concerns about the scale of the slowdown in China continued to weigh on metals prices in September. The decision by the US Fed to delay the first interest rate rise only provided temporary relief. As... 5th October 2015 · 1 min read
Precious Metals Update US trade in silver bullion boosted by strong coin demand US imports and exports of silver bullion and doré picked up in July, as government mints across the world struggled to keep up with unexpectedly strong demand for silver coins. In contrast, trade of... 5th October 2015 · 1 min read
Energy Update Cuts in investment to help oil prices recover Lower investment in oil exploration and production will lead to a sharp drop in growth in non-OPEC output over the next few years, especially from unconventional sources such as deep water and tar... 5th October 2015 · 1 min read
