Commodities Outlook

Beyond Hormuz: the path back to an oil glut

Investors have already priced in much of the good news on the recovery in Gulf energy exports, leaving scope for some volatility in prices, and even price rises, over Q3 and Q4. Beyond this, while...

24th June 2026 · 16 mins read

Latin America Economics Update

Brazil pivots towards rare earth nationalism

A bill approved by Brazil’s Chamber of Deputies this week tackles some of the key impediments to (currently minimal) rare earths extraction. However, the bill gives the government significant control...

7th May 2026 · 4 mins read

Australia & New Zealand Economics Weekly

Australia set to benefit from soaring EV sales

While China is the key beneficiary of the recent surge in sales of electric vehicles in Australia and elsewhere, Australia will ultimately benefit from stronger demand for lithium as well. Meanwhile...

10th April 2026 · 5 mins read

Commodities Weekly

Iran conflict impact extends beyond energy commodities

The risks to commodity prices from the conflict in the Middle East extend beyond oil and natural gas with aluminium plants in the Gulf sustaining damage. That could keep aluminium prices higher than...

2nd April 2026 · 7 mins read

Australia & New Zealand Economics Update

Last hurrah for Australian iron ore mining

Resources exports rose strongly last year, driven by a jump in iron ore exports. However, the bigger picture is that global steel output is past its peak and a sustained pick-up in mining investment...

12th March 2026 · 3 mins read

Commodities Update

Critical mineral stockpiles are a symptom of fracturing

The stockpiling of critical minerals is an age-old response to a modern-day problem posed by China’s dominance over the supply of rare earths and other raw materials. That said, “Project Vault” will...

5th February 2026 · 4 mins read

Commodities Chart Pack

Commodities Chart Pack (Feb. 2026)

Geopolitical risk and speculation lifting prices for now The sharp rise and fall in precious metals prices, which appeared to be driven somewhat by leveraged investors, has all the hallmarks of a...

5th February 2026 · 1 min read

Commodities Update

How to make sense of the industrial metals rally

The mayhem in precious metals markets has captured the majority of headlines, but several industrial metals prices have increased by a lot too. We are sceptical that near-term fundamentals justify...

28th January 2026 · 3 mins read

Commodities Update

Scrap recycling won’t ease metals supply woes yet

The recycling of scrap metals and minerals has been put forward as a potential solution to high metals prices and the west’s push towards self-sufficiency, while also offering a promising step towards...

13th January 2026 · 3 mins read

Commodities Weekly

Greenland’s mineral potential; metal price mayhem

Despite Greenland’s undoubted resource potential, the significant technical challenges and high costs associated operating on the island will surely limit the potential for sizeable production...

9th January 2026 · 4 mins read

Commodities Chart Pack

Commodities Chart Pack (Jan. 2026)

Investors prepare for Venezuelan oil Although Venezuela is well known for having vast oil reserves, it is likely to require a number of years and significant investment to meaningfully increase the...

8th January 2026 · 1 min read

Commodities Update

Copper: the euphoria will disappoint

Although supply concerns are still present, the most recent surge in copper prices seems to be some spillover from exuberance in other corners of commodity markets. Looking ahead, we suspect that...

7th January 2026 · 4 mins read

Commodities Weekly

Taking stock, and looking ahead

As 2025 draws to a close, our view that energy prices would fall has proved pleasingly accurate, with the price of Brent crude currently exactly in line with our long-standing forecast of $60pb and...

19th December 2025 · 4 mins read

Africa Economics Weekly

Lobito rail project, oil prices

Angola secured additional financing from the US and other partners this week as it looks to press ahead with the Lobito rail project underlining the Trump administration’s transactional approach to...

19th December 2025 · 6 mins read

Commodities Update

Key Commodity themes to watch in 2026

Our latest Outlook outlines our commodity price forecasts over the coming years. This Update further highlights the key themes and the factors that will shape commodity market developments in 2026.

18th December 2025 · 4 mins read