Commodities Update China’s surge in commodity imports likely to moderate China’s commodity import volumes rose strongly in August compared to July. Crude oil imports were probably supported by the ongoing recovery in the aviation sector, which we expect to continue in... 7th September 2023 · 2 mins read
Metals Chart Pack Metals Chart Pack (Sep. 2023) Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. China’s announced support for the property sector and the extent of fiscal stimulus is modest, but... 6th September 2023 · 1 min read
Energy Chart Pack Energy Chart Pack (Sep. 2023) Our Energy Chart Pack has been updated with the latest data and our analysis of recent developments. Energy prices will remain historically high over the remainder of this year. OPEC+ output cuts... 6th September 2023 · 1 min read
Commodities Weekly Metal prices still struggling, despite China stimulus Most commodity prices rose this week after data showed that US labour market conditions are easing, lowering expectations for US interest rates and weakening the dollar. It is perhaps surprising that... 1st September 2023 · 4 mins read
Commodities Update China PMIs encouraging for commodities demand While doom and gloom builds around China’s growth, PMIs for August provided some encouragement this week, even if they didn’t paint a picture of booming commodities demand. They suggest infrastructure... 1st September 2023 · 2 mins read
Precious Metals Update Solar power to shine on silver in 2024 We think that the silver price will fall over the next few months. But as macroeconomic and financial factors switch from a drag to a boost to demand, and as photovoltaic demand gathers pace, the... 31st August 2023 · 3 mins read
Energy Update China’s demand for oil and natural gas will stay alight China’s energy demand has been a bright spot in the gloom of an ailing property sector and disappointing economic growth. We think China’s crude oil and natural gas demand will rise further next year... 30th August 2023 · 3 mins read
Metals Focus Steel prices unlikely to forge ahead Absent major fiscal stimulus in China, global steel demand growth will be weak in the next few months. Accordingly, we forecast price declines in major steel markets towards year-end. Only when... 29th August 2023 · 11 mins read
Commodities Weekly Natural gas prices strike lower; iron ore resilient It has generally been a positive week for commodity prices. Most metals and agricultural prices rose on the week, in somewhat of a turnaround from recent trends. By contrast, energy commodities fell... 25th August 2023 · 4 mins read
India Economics Focus Mapping India’s energy demand and emissions The government’s ambition of developing a globally-competitive manufacturing sector, combined with relatively slow progress on shifting away from using coal for electricity production, means India... 23rd August 2023 · 12 mins read
Metals Data Response Global Steel Production (Jul.) Global steel production will probably continue to edge lower in the next few months, following the latest month-on-month decline revealed by the WSA today. Crucially, we think that steel demand will... 22nd August 2023 · 2 mins read
Metals Data Response Global Aluminium Production (July) Global aluminium production growth slowed for the seventh consecutive month and dipped into contractionary territory in July on the back of weakness in China. We think production growth will stagnate... 21st August 2023 · 2 mins read
Energy Update Volatility a reminder scars remain in natural gas markets Price volatility in the wake of news of possible strike action at Australian LNG export terminals serves as a reminder that natural gas markets are still carrying the scars of Russia’s invasion of... 21st August 2023 · 2 mins read
Middle East & North Africa Chart Pack Middle East and North Africa Chart Pack (Aug. 2023) Oil output cuts are driving a sharp slowdown in economic growth across the Gulf. The hit to volumes will more than offset the rebound in oil prices but, for now at least, fiscal policy is being kept... 21st August 2023 · 1 min read
Commodities Weekly Oil prices hit a great wall, metals await stimulus Commodity prices generally fell this week, dragged down by a surging dollar and data that showed China’s economy struggled in July. Asia LNG and EU natural gas prices were the exception, rising as the... 18th August 2023 · 5 mins read
Industrial Metals Update China stimulus not a silver bullet for industrial metals The outlook for industrial metals demand has deteriorated alongside the weakening of China’s economy this year, particularly in the property sector. Monetary and fiscal stimulus might paper over the... 16th August 2023 · 3 mins read
