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Gold is an effective hedge against inflation in the long term But less reliable in the short term We think modest rises in US real yields will be enough to drag on the gold price In this Metals Watch , we revisit the theoretical relationship between the …
17th November 2021
Biden’s infrastructure package is ambitious, but we doubt it will pass in its current form If it did pass, the impact on energy markets could be large But we doubt it would be too significant for industrial metals markets In this Commodities Watch , we …
14th May 2021
The cut to Nornickel’s production guidance will support a higher price for palladium But ultimately, demand-side factors are why we think it will outperform platinum We expect the palladium price to rise a touch, but the platinum price to drop back In …
24th March 2021
Now that quarantine restrictions are being lifted, mine supply should recover But still-high rates of infection in Latin America may act as a constraint The risks look largest for copper, but iron ore supply could also take a hit In this Metals Watch , we …
10th July 2020
The silver price has historically been influenced by industrial metals and gold prices As a safe haven, silver has disappointed relative to gold Going forward, we expect the silver price to underperform gold through to end-2020 Silver is often described …
18th May 2020
The virus-led increase in exchange stocks is reminiscent of the GFC But changes in warehouse economics will keep a lid on stocks Nonetheless, we expect stocks to rise and remain high for some time In this Metals Watch , we take a closer look at whether …
6th May 2020
We have developed a new in-house measure of the “fundamental” copper price It suggests that copper was trading at a premium relative to its fundamentals in January And despite the plunge in its price, the premium is likely to have risen since then In this …
30th March 2020
Strikes at South African mines would hit global supply of platinum and palladium hard But given stronger demand growth and lower stocks in the palladium market … … strikes would give much more of a boost to the price of palladium There is a significant …
4th October 2019
The next round of US tariffs on Chinese imports pose a key risk to metals demand While the direct effects across the base metals will vary, tin is likely to suffer most But the indirect effects of an escalating trade war will weigh on metals prices …
29th August 2019