Industrial Metals Update Stocks are not painting a clear picture of demand Exchange stocks generally fell over the last month. The bigger picture is that there have been sharp drawdowns in global exchange stocks of aluminium and zinc and a large build in copper inventories... 19th June 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (May) China’s activity data were broadly stable in May, but a slowdown in construction starts and growth in investment do not bode well for future metals demand. 15th June 2017 · 1 min read
Industrial Metals Update Tightness in tin likely to ease The likelihood that China will start exporting refined tin in much larger quantities should ease the relatively tight supply picture outside China. As such, we have revised down our end-2017 price... 13th June 2017 · 1 min read
Industrial Metals Update Are we too bearish on the prospects for lead prices? Despite the recent rally in prices, we remain bearish on the long-term prospects for lead usage. While increased demand for start-stop systems in cars could provide some support to prices over the... 1st June 2017 · 1 min read
Industrial Metals Update Metals prices could fall sharply as sentiment turns Sentiment towards metals has deteriorated somewhat since the start of 2017. We had warned that this could happen as the large investor inflows into metals markets last year were mostly premised on... 24th May 2017 · 1 min read
Industrial Metals Update Higher stocks reflect the slowdown in China’s activity Stocks generally rose over the last month, which we think is consistent with broader macroeconomic data showing a slowdown in China’s activity in April and the recent weakness in most metals prices. 19th May 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Apr.) China’s activity and investment data for April showed clear signs of a slowdown. Given steadily tightening monetary conditions and less fiscal stimulus, we expect activity to slow further which will... 18th May 2017 · 1 min read
Industrial Metals Update China’s metals imports likely to remain subdued China’s trade data for March depict a relatively weak picture for metals demand. While in some cases imports picked up in the first quarter, we think that optimism about demand rather than strong... 25th April 2017 · 1 min read
Industrial Metals Update China Industrial Metals Output Monitor (Feb./Mar.) China’s refinery output picked up pace in the first quarter, encouraged by higher prices and optimism about demand. Iron ore and steel production were growing particularly strongly, but prices have... 24th April 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Mar.) China’s activity and investment data for March were robust and point to a strengthening of metals demand in the first quarter. However, the prospect of a steadily tightening policy environment over... 19th April 2017 · 1 min read
Industrial Metals Update Stocks edge lower There was a general drawdown of stocks over the last month, albeit on a relatively small scale. The main exception was inventories of tin, which have fallen by nearly 25% in the last four weeks... 11th April 2017 · 1 min read
Industrial Metals Update Investors turn more bearish on metals Sentiment towards metals has soured somewhat over the past few weeks. We think that, in some cases valuations still look stretched, given prospects for further monetary tightening in the US and softer... 29th March 2017 · 1 min read
Industrial Metals Update Is there really a shortage of zinc? The price of zinc has climbed higher since the start of 2017 on expectations that strong demand coupled with dwindling supply, following last year’s output cuts and mine closures, would lead to a... 24th March 2017 · 1 min read
Industrial Metals Update China’s metals imports sink China’s metals imports appear to have started the year on a soft note. Higher prices might have deterred purchases but we think that, in some cases, demand has also been sluggish. That said, we are... 23rd March 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Jan./Feb.) China’s activity and investment data for the first two months of the year point to robust metals demand. However, we are wary that this may represent the high point of 2017, given signs of a steadily... 14th March 2017 · 1 min read
Industrial Metals Update Soaring copper stocks reflect waning investor optimism The big story this month is an unexpected surge in LME copper stocks, which appears to be related to investors closing long positions in the futures market. At the same time, China’s exchange stocks... 10th March 2017 · 1 min read
