Commodities Outlook Tariff uncertainty overshadows fundamental weakness While tariffs and geopolitics complicate the near-term outlook for many commodities, the backdrop generally remains one of weak fundamentals; our end-2026 price forecasts for energy and industrial... 24th March 2025 · 23 mins read
Commodities Update Silver to outperform gold over the coming years Traditionally, our bearish view on industrial metals, informed by China’s struggling property sector, would lead us to expect weakness in silver demand and prices. But given the growing use of silver... 27th January 2025 · 3 mins read
Commodities Outlook Weak market fundamentals; geopolitics the wildcard Most energy and industrial metals prices will fall in 2025 as structural headwinds to demand build and supply rises. Geopolitical developments remain a key uncertainty and it is easy to think of... 13th December 2024 · 23 mins read
Commodities Outlook Soft demand + extra supply ⇒ lower prices We expect most commodity prices to fall next year and our forecasts are generally below consensus. The biggest upside risk to our energy price forecasts stems from the potential for an escalation in... 24th September 2024 · 24 mins read
Commodities Weekly Silver to stay in gold’s shadow, China trade takeaways For all the attention on gold this year, silver has been the better performer with prices increasing by over 25% year-to-date. While silver has benefitted from the expansion in China's solar industry... 13th September 2024 · 4 mins read
Commodities Update Olympic medals to lose their shine before long The start of the Paris Olympic Games today suggests that there will be renewed interest in gold, silver and bronze. We suspect that athletes will be disappointed by the fact that the Olympic medals... 26th July 2024 · 3 mins read
Commodities Outlook Commodity prices to fall back We forecast most commodities prices to fall next year – despite falling interest rates and faster global GDP growth – as numerous supply constraints ease and a crunch in Chinese construction begins to... 27th June 2024 · 21 mins read
Metals Chart Pack Metals Chart Pack (June 2024) Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. The rally in industrial metals prices over the last few months has begun to unwind and, because it... 4th June 2024 · 1 min read
Commodities Update Your latest commodities questions answered We held an online Drop-In session last week to discuss geopolitical risk and the commodities price outlook. This Update answers several of the questions that we received. 10th May 2024 · 7 mins read
Metals Chart Pack Metals Chart Pack (May 2024) Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. The strong rally in industrial metals prices seems stretched and, as a result, we expect prices to... 7th May 2024 · 1 min read
Commodities Update Chinese gold craze likely to unwind later this year We think the price of gold will ease back from current record highs by end-2024, but falling US Treasury yields and some softness in the US dollar will keep the price elevated. Similarly, we expect... 12th April 2024 · 4 mins read
Metals Chart Pack Metals Chart Pack (Mar. 2024) Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. Industrial metals demand will recover this year, boosted by rate cuts and a bit of a recovery in... 8th March 2024 · 1 min read
Metals Chart Pack Metals Chart Pack (Feb. 2024) Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. Industrial metals demand will recover this year, boosted by rate cuts and stabilising economic... 2nd February 2024 · 1 min read
Industrial Metals Update Real metals prices are high and have further to rise Compared to their pre-pandemic averages, metals prices are high even after adjusting for inflation. We think that as green transition-related demand increases and monetary easing gets underway, real... 25th January 2024 · 4 mins read
Metals Chart Pack Metals Chart Pack (Jan. 2024) Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. Interest rate cuts across advanced economies this year will give some boost to economic activity... 3rd January 2024 · 1 min read
Commodities Weekly OPEC+’s last stand The voluntary production cuts announced by OPEC+ this week will support oil prices in the first quarter of next year but there is clearly dissent among the ranks. We think OPEC+’s next move will be to... 1st December 2023 · 4 mins read
