Global Economics Update How much should we worry about falling commodity prices? The renewed weakness in global commodity prices, notably oil and copper, is obviously a concern forproducers and will continue to constrain activity in the mining sector. However, the current... 13th November 2015 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude oil stocks jumped as production rose again and net imports rebounded. However, demand also recovered as refineries continued to ramp production back up. 12th November 2015 · 1 min read
Precious Metals Update Q3 World Gold Council Demand Trends In its latest World Demand Trends report, published today, the World Gold Council outlined an improving picture in Q3. Demand surged by 8% y/y during the quarter, as subdued prices encouraged buying... 12th November 2015 · 1 min read
OPEC Watch OPEC’s production falls, led by Iraq OPEC’s oil production fell in October but remains well above target. Global inventories also remained very high. The market will still take some time to return to balance, with prices set to recover... 12th November 2015 · 1 min read
Metals Data Response South Africa’s Mine Production (Sep.) South Africa’s PGM production continued to fall in September as low prices are threatening miners’ profitability. Lonmin is just the latest example of an industry struggling to keep up with labour... 12th November 2015 · 1 min read
Industrial Metals Update Can protectionism save beleaguered aluminium producers? With profits under pressure, aluminium producers outside China have recently campaigned for protectionist trade measures in an attempt to defend themselves against cheap Chinese imports. However, we... 12th November 2015 · 1 min read
Industrial Metals Update Prices fail to heed fundamentals Ongoing declines in stocks of many LME metals have failed to prevent prices from falling further over the last month. Of course, stocks can be subject to manipulation and may not be an accurate... 11th November 2015 · 1 min read
Commodities Update Grain & soybean mountains to depress prices further A sharp upward revision to Chinese corn stocks means that global end-year inventories are now expected to be at a record high. With a bloated global supply picture, we think further weakness in the... 11th November 2015 · 1 min read
Commodities Update Unloved copper set to rebound The price of copper is languishing below US$5,000 per tonne, undermined by negative sentiment towards commodities in general and concerns about demand from China in particular. Nonetheless, the... 11th November 2015 · 1 min read
Commodities Update Malaysia Monthly Palm Oil Data (Oct.) Data released earlier today by Malaysia’s Palm Oil Board show that palm oil production rose in October, helping to push inventories higher. 11th November 2015 · 1 min read
Commodities Update Brazil Sugar Production (16th Oct. – 1st Nov.) Figures released today by Brazil’s Sugarcane Industry Association, UNICA, show that 38.4 million tonnes of cane were harvested in the second half of October in the main South-Central cane-growing... 10th November 2015 · 1 min read
Industrial Metals Update Cobalt supply unlikely to keep pace with demand Demand for cobalt looks set to grow rapidly for the foreseeable future given its use in rechargeable batteries. But the supply outlook is deteriorating, suggesting scope for prices to rally strongly. 10th November 2015 · 1 min read
Energy Update What do China’s statistical revisions mean for coal prices? Whilst the latest revisions to China’s coal demand statistics raise more questions about the reliability of official data, we don’t think they change the big picture of falling coal demand and weaker... 10th November 2015 · 1 min read
Energy Update What does the Keystone XL veto mean for oil prices? The recently-vetoed Keystone XL pipeline would have provided a relatively cheap means for Canadian producers to transport oil to refineries in the US where it could be processed for sale. As such, the... 9th November 2015 · 1 min read
Global Markets Update Markets look set to take first Fed rate hike in their stride The relatively calm reactions to Friday’s strong US employment report support our view that the gradual return of US interest rates towards more normal levels is unlikely to be the seismic shock that... 9th November 2015 · 1 min read
Metals Data Response US silver imports and exports (Aug.) US exports of semi-manufactured silver remained subdued in August, suggesting that global industrial demand is yet to recover. Meanwhile, investors continued to buy into falling prices, boosting... 9th November 2015 · 1 min read
