Metals Data Response World Gold Official Reserves (May) Global central banks continued to buy gold for diversification purposes in May. Buying was mostly concentrated among emerging markets’ central banks, with Russia once again particularly active. 13th July 2015 · 1 min read
Energy Chart Pack Downside risks materialise June was a relatively quiet month for energy markets. However, since the start of July oil prices have tanked as worries about demand, prompted by crisis in Greece and China, and signs of improving... 10th July 2015 · 1 min read
Commodities Weekly Ouch! Commodity investors could be forgiven for a huge sigh of relief that this week is over. The combination of the crisis in Greece and – especially – worries about the fallout from the slump in China’s... 10th July 2015 · 1 min read
Commodities Update Malaysia Monthly Palm Oil Data (Jun.) Data released earlier today by Malaysia’s Palm Oil Board show that although crudepalm oil production declined in June, it was still 12% higher y/y. Inventories alsoremain significantly higher on a... 10th July 2015 · 1 min read
Metals Data Response US silver imports (Apr.) US silver imports rose sharply in April, suggesting strong appetite from the second biggest consumer. Indeed, the US Mint ran out of coins last week as investors bought on falling prices. However, a... 10th July 2015 · 1 min read
Metals Data Response South Africa’s Mine Production (May) After a strong start to the year, South Africa’s platinum group metals (PGM) production fell substantially in May. This underpins our view that continued power disruptions, coupled with an increased... 9th July 2015 · 1 min read
Commodities Update Ethanol demand in Brazil to support sugar price Rising ethanol output in Brazil to meet domestic demand should help lift the price of sugar this year. We forecast the benchmark price at end-year at 13.5 US cents per pound, up from 12.3 cents today. 9th July 2015 · 1 min read
Global Economics Update What's happening to global imbalances? The fall in oil prices and the appreciation of the US dollar will cause global imbalances to widen over the coming years. China’s surplus could rise up the political agenda once more while the euro... 9th July 2015 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US stocks of oil and gasoline unexpectedly rose again last week. However, the rise in oil stocks was much smaller than in the previous week and the recent fall in oil prices should boost demand... 8th July 2015 · 1 min read
Precious Metals Update What next for silver? The price of silver has been a notable casualty of the sell-off in commodity markets in the last few days. This is in line with the traditional pattern of under-performance by silver when the prices... 8th July 2015 · 1 min read
Commodities Update Supply worries see prices spike and investors turn bullish The past month has seen a huge reversal of investor sentiment towards agricultural commodities. Surging grain and oilseed prices, on account of poor growing conditions in the US and Europe in... 7th July 2015 · 1 min read
Commodities Update China's equity gyrations not such a big deal for commodities The slump in equity prices in China has damaged confidence in global commodity markets, including oil and especially industrial metals. However, we think that the current negativity is overdone. While... 7th July 2015 · 1 min read
Industrial Metals Update Stocks tread water in June Exchange stocks of some base metals are at very low levels and could be a factor boosting prices later in the year. However, stocks of copper and aluminium, in particular, remain high and will act as... 7th July 2015 · 1 min read
China Economics Focus China’s impact on the world Structural changes in China’s economy are transforming its economic relationship with the rest of the world, as domestic demand shifts from investment to consumption, outbound tourism surges and the... 7th July 2015 · 1 min read
India Economics Update Pick-up in food inflation should prove fleeting Inflation is likely to have picked up in June. The knee-jerk response may be to link it to the monsoon, but the rise in headline inflation is due more to the collapse in food prices a year ago... 7th July 2015 · 1 min read
Precious Metals Update New (lower) forecasts for precious metals prices The prices of precious metals have not responded as we had anticipated to the growing risks of a Greek exit (“Grexit”) from the euro. We are therefore revising our end-year forecasts for gold, silver... 6th July 2015 · 1 min read
