Commodities Weekly Energy prices no longer appear to be “lifting all boats” Most commodity prices fell this week amid a general sell-off in risky assets and a stronger US dollar. That said, we think the days of higher energy prices leading to an all-encompassing rally in... 13th May 2022 · 6 mins read
Industrial Metals Update Weaker demand to enable stocks to build Exchange stocks of base metals have fallen so far this year as high power costs have choked the supply of refined metals. Yet, we expect stocks to build as a weaker economic outlook for key metal... 13th May 2022 · 4 mins read
Commodities Weekly Demand and supply pull prices in opposing directions Energy prices continue to be pummelled by upward pressure related to fears of supply shortages and downward pressure from signs of slower economic growth, tighter monetary policy and a stronger US... 6th May 2022 · 6 mins read
Industrial Metals Update Weaker electronics demand will weigh on tin We expect weaker electronics demand and a recovery in supply from South-East Asia to weigh on the tin price, dragging it lower by end-year to $34,000 per tonne from around $41,000 currently. 6th May 2022 · 2 mins read
Commodities Prices to stay high for longer The war in Ukraine and its negative impact on commodities supply has prompted us to revise up our forecasts for the prices of most commodities in 2022. Regardless of the outcome of the war, we think... 29th April 2022 · 40 mins read
Commodities Weekly Russia’s rubles demand poses upside risk to gas prices Russia’s monopoly exporter of natural gas, Gazprom, suspended gas deliveries to Poland and Bulgaria this week because they refused to pay for Russian gas in rubles. There is some confusion about... 29th April 2022 · 6 mins read
Commodities Weekly European growth to drag on prices It has been an unusually quiet week for commodities, with less volatility than we have come to expect. The war in Ukraine continues to provide possible stresses for supply but, for now at least, it... 22nd April 2022 · 6 mins read
Metals Data Response Global Steel Production (Mar.) Global steel production fell in y/y terms in March, as largest producer China recorded a decline for the third consecutive month this year. Looking ahead, we expect high energy costs to act as a... 22nd April 2022 · 2 mins read
Industrial Metals Update China’s iron ore consumption peaked Iron ore prices have rocketed by close to 30% since the start of 2022 on supply fears. Yet, we expect cooler economic activity in China to weigh on iron ore demand, causing prices to fall by end-year. 21st April 2022 · 2 mins read
Metals Data Response Global Aluminium Production (Mar.) Global aluminium output fell by 1.5% y/y in March with high power costs keeping a lid on production growth. Looking ahead, we expect regions where energy prices are more manageable to continue to... 20th April 2022 · 2 mins read
Commodities Weekly China only off-the-radar for now The war in Ukraine continued to dominate headlines, and commodity price movements, this week as peace talks fell apart and sent energy prices up sharply. However, at the same time, there are further... 14th April 2022 · 7 mins read
Commodities Update China commodity imports pointing to weaker demand The latest trade data out of China suggest that recent restrictions imposed to contain the surge in new cases of COVID-19 are hitting commodity demand hard. And we think it will remain weak in the... 13th April 2022 · 2 mins read
Industrial Metals Update Supply fears to give way to weaker demand for copper Supply fears stemming from the war in Ukraine and risks to mine output in Latin America have pushed up the copper price. But we expect a recovery in supply and ongoing weakness in Chinese demand to... 12th April 2022 · 3 mins read
Commodities Weekly Prices to remain buffeted by headwinds and tailwinds Last week, we suggested that the downside risks to prices were building, and these came to the fore in the past week with particularly hawkish US Fed minutes published on Wednesday and ongoing COVID... 8th April 2022 · 6 mins read
Commodities Chart Pack War in Ukraine to continue to dictate prices for now Commodity prices remain extremely volatile owing to the uncertainty stemming from the ongoing war in Ukraine, and we doubt that they will find a clear direction anytime soon. However, assuming the war... 5th April 2022 · 12 mins read
Commodities Weekly Downside risks to prices are building Signs of weaker demand in China in the latest PMI data and the announcement that the US will sell off a large chunk of its strategic oil reserve suggest that the downside risks to commodity prices are... 1st April 2022 · 6 mins read
