Commodities Weekly Dollar strength and supply worries weigh again The mood in commodity markets soured once more in the past week, with any positive developments outweighed by the negatives, including renewed US dollar strength, OPEC disunity, high US oil stocks and... 23rd October 2015 · 1 min read
Energy Watch What to watch in the oil market The oil market is inundated with thousands of different statistics regarding production, consumption and trade on a daily basis. In this Energy Watch we pick five figures which we consider to be the... 23rd October 2015 · 1 min read
Commodities Update Brazil Sugar Production (1st Oct. - 16th Oct.) Data released today by Brazil’s Sugarcane Industry Association, UNICA, showed that the volume of cane harvested in Brazil’s main South-Central region fell to 36.1 million tonnes, from 40.5 million in... 23rd October 2015 · 1 min read
Industrial Metals Update Iron ore prices to fall further on strong supply The ongoing ramp up in supply and ever-lower cash costs at the major producers suggest that the iron ore market will remain well supplied. With subdued steel demand and output, we expect prices to... 23rd October 2015 · 1 min read
Commodities Update Asia Cocoa Grindings (Q3) Data on Asia’s cocoa grindings revealed a 1.6% y/y decline in Q3, the fifth consecutive y/y fall. This follows data released last week which showed a decrease in overall European and North American... 23rd October 2015 · 1 min read
Precious Metals Update Silver price to benefit from industrial metals output cuts Production cuts in the copper and zinc industries will also translate into lower silver supply over the next few years. We expect silver output to be broadly flat in 2015 and to fall by 3% in 2016... 23rd October 2015 · 1 min read
Global Economics Update Oil producers adjusting to new reality The collapse of oil prices since mid-2014 has exposed the huge variation in the public finances of the world’s major oil exporters. Poorly managed emerging economies such as Russia and Venezuela had... 22nd October 2015 · 1 min read
Commodities Update Weaker dollar helps to lift prices The US Federal Reserve’s decision not to raise interest rates in September has seen the dollar weaken recently. As a result, the strengthening of a number of currencies against the greenback... 22nd October 2015 · 1 min read
Emerging Europe Economics Update Markets in Russia & Turkey recover some lost ground Currencies, equities and bonds in the region’s two largest economies – Russia and Turkey – have posted gains over the past month as oil prices have stabilised and expectations for US rate hikes have... 22nd October 2015 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude oil stocks jumped sharply again last week, despite an uptick in refinery runs. However, stocks of gasoline fell as demand for products increased. 21st October 2015 · 1 min read
Middle East & North Africa Economics Update Saudi Arabia’s dollar peg is here to stay Saudi Arabia’s peg to the US dollar is coming under increasing scrutiny but we think fears that the authorities will devalue the riyal are overdone. The Kingdom’s substantial foreign exchange reserves... 21st October 2015 · 1 min read
Industrial Metals Update Across-the-board strength in China’s metals imports The latest data on China’s metals imports suggest that recent fiscal and monetary stimulus, particularly infrastructure spending, are starting to feed through to stronger commodity demand. 21st October 2015 · 1 min read
Commodities Update China’s agricultural import growth may be close to peaking The detailed Chinese import data, released earlier today, show that in y/y terms, demand remains strong. But given the surge in imports of a number of commodities recently, rapid growth may not be... 21st October 2015 · 1 min read
Precious Metals Update China’s PGMs import data show some areas of strength The latest data on China’s imports of platinum group metals (PGMs) are consistent with early signs of stronger vehicle production. However, platinum jewellery demand appears to have moderated. 21st October 2015 · 1 min read
Middle East & North Africa Economics Update The Gulf, FX reserves and budget spending: a primer Several Gulf countries have turned to their foreign exchange reserves in an effort to finance budget and current account deficits caused by last year’s slump in oil prices, but there seems to be... 21st October 2015 · 1 min read
Metals Data Response Global Steel Production (Sep.) World Steel Association (WSA) data for September show a 3.7% y/y fall in global steel output, with declines in most major producing regions. This is a larger fall than last month, but the market... 20th October 2015 · 1 min read
