Energy Update Oil prices still face many headwinds The rebound in the last few weeks has lifted oil prices above our current end-2015 projections for Brent and WTI, but we are in no rush to change them. Some major headwinds both on the supply and... 20th April 2015 · 1 min read
Industrial Metals Update Stocks only tell half the story Stock movements and prices should have an inverse relationship, but this has not beenthe case for many of the base metals over the last month. There are, of course, otherdrivers of the price... 17th April 2015 · 1 min read
Commodities Weekly Recovery in oil prices gathers pace Oil prices rose sharply in the past week, supported by further evidence that US production and crude stocks are close to peaking – if they have not done so already. The recent stability of the US... 17th April 2015 · 1 min read
Commodities Update Outlook for cocoa prices remains bitter Further falls in European and North American cocoa grindings suggest consumers’ love of chocolate is not as sweet as it once was. Coupled with ample supply, we expect the price of cocoa to fall this... 17th April 2015 · 1 min read
Europe Economics Weekly Will QE spur a revival in investment? The risks of a Greek default and possible euro-zone exit rose further last week as its creditors made clear that a bailout disbursement was unlikely in the near term. Despite this, ECB President Mario... 17th April 2015 · 1 min read
EM Markets Chart Pack Sun to continue shining on EM equities Emerging market equities have delivered strong returns in the past month, outperforming their developed market counterparts. A confluence of factors is probably responsible. This includes signs of... 17th April 2015 · 1 min read
OPEC Watch OPEC production boosted by record Saudi output Last month’s increase in supply from OPEC just adds to the glut of oil already in the market. And although the cartel has also boosted its demand estimates for this year, global supply should still be... 16th April 2015 · 1 min read
Energy Chart Pack Ups and downs in the Middle East drive oil prices The biggest news in the energy market over the last month has undoubtedly been the rebound in oil prices, which came despite the announcement of a preliminary deal between Iran and the West. However... 16th April 2015 · 1 min read
Precious Metals Update Dollar strength alone is a poor reason to dismiss gold A common response to our positive view on gold is that the precious metal is bound to struggle in an environment of dollar strength, especially if this strength is due to increases in US interest... 15th April 2015 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Today’s data add to evidence that US oil production may be slowing more quickly than the market had anticipated. Coupled with further signs of a revival in demand this should support prices in the... 15th April 2015 · 1 min read
Industrial Metals Update Can the rally in lead prices be sustained? The boost to lead prices from the recent squeeze on stock availability may prove temporary. That said, it has exposed the underlying tightness in the market which should be a key factor supporting... 15th April 2015 · 1 min read
Commodities Update Four and a half reasons not to worry about China’s slowdown The relative weakness of China’s Q1 GDP and March activity data has reinforced concerns about the impact of softer demand on global commodity markets. But in contrast to the consensus, we remain... 15th April 2015 · 1 min read
Commodities Update Weaker dollar provides a breather Commodity prices have generally risen since the middle of March, supported by a slightly weaker dollar. However, concerns about Chinese demand have weighed on the prices of some commodities... 14th April 2015 · 1 min read
Europe Data Response Euro-zone Industrial Production (Feb.) February’s strong rise in euro-zone industrial production suggested that industry is starting to feel the benefits of a weaker euro and a lower oil price. 14th April 2015 · 1 min read
Commodities Update China’s commodity import volumes bounce back in March China’s commodity import volumes rose in March, admittedly from a low base in February. However, lower prices appear to be encouraging purchases and we expect volumes to remain higher in Q2. 13th April 2015 · 1 min read
Europe Data Response Italian Industrial Production (Feb.) February’s Italian industrial production data added to signs that the long recession may finally be coming to an end. But the recovery still looks surprisingly slow given the boost provided by falls... 13th April 2015 · 1 min read
