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
Africa Economics Update Nigeria: Bungled policy response plunges economy into crisis The response of Nigerian policymakers to falling oil prices has only worsened their country’s economic slump. Africa’s largest economy is now on the cusp of a self-induced economic crisis. 5th October 2015 · 1 min read
Metals Chart Pack VW scandal drives a wedge between PGMs The performance of the major precious metals continued to diverge in September, with the palladium price buoyed by the Volkswagen scandal, while the other precious metals edged lower (before gold... 2nd October 2015 · 1 min read
Commodities Weekly Weak US data unsettle markets again The main event of the past week was the disappointing US jobs report for September, which clearly did little to improve investor confidence in the global economy. Yes, it will probably delay the first... 2nd October 2015 · 1 min read
Metals Chart Pack What do the new COFER data tell us about China’s reserves? China appears to hold a larger than average share of its fx reserves in US dollars, UK pounds and Australian dollars at the expense of euros and the Japanese yen. This is the conclusion we have... 2nd October 2015 · 1 min read
Commodities Focus The impact of China’s rebalancing on demand for commodities The move away from commodity-intensive investment-led growth in China towards a more consumer-driven economy is often cited as sounding the death knell for commodities demand. However, we would argue... 2nd October 2015 · 1 min read
Australia & New Zealand Economics Weekly Australia outperforming other commodity producers While we remain concerned about the outlook for the Australian economy, we think it will continue to outperform other commodity producers such as Canada, Brazil and Norway. Australia’s labour market... 2nd October 2015 · 1 min read
Commodities Chart Pack China concerns continue to weigh on prices Commodity prices fell again in September on concerns about a hard landing in China despite many leading indicators of the Chinese economy, including credit growth and fiscal spending, suggesting that... 1st October 2015 · 1 min read
Commodities Update US stocks don’t indicate any market shortage The latest US grain stocks estimates continue to signal that grain and oilseed supplies are plentiful. With weak currencies boosting the competitiveness of key exporters, we think dollar prices are... 1st October 2015 · 1 min read
