Energy Data Response US Weekly Petroleum Status Report US crude oil stocks rose again last week, but the big picture is still that stocks appear to be levelling out. Meanwhile, gasoline stocks jumped as refinery runs continued to increase and demand for... 25th November 2015 · 1 min read
Metals Watch Will lead continue to outperform zinc? While there has been much media coverage of the recent falls in oil and copper prices, the simultaneous slide in the prices of lead and zinc has not been so well documented. In this Metals & Mining... 25th November 2015 · 1 min read
Industrial Metals Update China’s REE trade data show demand still rising strongly China’s rare earth (REE) trade data show that exports were up 104% in the first ten months of 2015 compared to the same period a year earlier as the removal of export quotas and tariffs continued to... 25th November 2015 · 1 min read
Industrial Metals Update Any recovery in alumina prices is likely to be limited Alumina prices are strongly influenced by aluminium prices, as demand for aluminium constitutes the bulk of demand for alumina. Since we expect aluminium prices to recover only slowly, alumina prices... 25th November 2015 · 1 min read
Industrial Metals Update Steel prices to recover but not until next year US and Chinese steel prices have continued to fall due to overcapacity and strong exports from China. However, the US government has begun to impose anti-dumping duties and Chinese output should fall... 24th November 2015 · 1 min read
Energy Update Energy commodities all fall foul of oversupply Whilst the current oversupply in the oil market has received the most media attention, excess production, despite the recent price falls, is a common theme across all energy commodities. In addition... 24th November 2015 · 1 min read
Commodities Update Brazil Sugar Production (1st Nov. – 16th Nov.) Figures released today by Brazil’s Sugarcane Industry Association, UNICA, show that 25.6 million tonnes of cane were harvested in the first half of November in the main South-Central cane-growing... 24th November 2015 · 1 min read
Commodities Update Are we only part way through the downswing of a super-cycle? The recent slump in industrial commodity prices can largely be attributed to ample supply built up during the previous boom colliding with a sharp slowdown in demand. As such, it can be seen as the... 23rd November 2015 · 1 min read
Precious Metals Update China’s PGMs imports weaken China’s imports of platinum group metals (PGMs) weakened in October but car production and the gold/platinum price ratio suggest that PGMs demand could soon improve. 23rd November 2015 · 1 min read
Metals Data Response Global Steel Production (Oct.) World Steel Association (WSA) data for October show that global steel output fell by 3.1% y/y, with declines in most major producing regions. World output has been down y/y in every month this year... 20th November 2015 · 1 min read
Commodities Weekly China worries continue to weigh on sentiment Prices of most industrial metals fell sharply this week, largely reflecting persistent investor concerns about the prospects for Chinese demand. The latest data showed LME money managers cutting their... 20th November 2015 · 1 min read
Global Economics Update Four key charts on the commodities “rout” (and the BDI) This Update aims to provide some perspective on the recent slides in oil and copper prices and the new record lows for the Baltic Dry Index of global shipping costs. It includes a more positive view... 20th November 2015 · 1 min read
Industrial Metals Update Outlook for sectoral REE demand is positive The market sectors which consume the most rare earths (REEs) are also the ones where demand is expected to grow the most next year. As such, REE demand should strengthen further next year. 20th November 2015 · 1 min read
Energy Update What do the weekly changes in US oil stocks actually tell us? Changes in US weekly crude oil stocks are most influenced by variations in net crude imports, which are extremely volatile. This means it is difficult to make inferences about prices just by looking... 20th November 2015 · 1 min read
Metals Data Response Global Aluminium Production (Oct.) According to the International Aluminium Institute, global aluminium output grew by almost 8% y/y in October. Excluding China, output rose by less than 4% y/y. 20th November 2015 · 1 min read
Middle East & North Africa Economics Update Capital spending likely to bear brunt of austerity in the Gulf The Gulf countries are in a strong position to cope with low oil prices, but some form of adjustment will be needed over the coming years. We expect tighter fiscal policy to do most of the work and we... 19th November 2015 · 1 min read
