Metals Data Response Global Steel Production (Jun.) Growth in global steel production remained in double digits in June, but this largely reflects the low base for comparison from last year. Meanwhile, government-imposed environmental controls in China... 23rd July 2021 · 2 mins read
Metals Data Response Global Aluminium Production (Jun.) Global aluminium output growth softened in June, largely due to power cuts in China’s key aluminium-producing province of Yunnan. But these curbs have started to be relaxed in recent weeks, which... 20th July 2021 · 2 mins read
Commodities Weekly Saudi-UAE compromise points to lower oil prices Reports that the UAE and Saudi Arabia have reached a compromise deal over oil production quotas support our forecast that oil prices will end the year lower. Admittedly, the deal is yet to be agreed... 16th July 2021 · 6 mins read
Industrial Metals Update Beginning of the end for copper rally After reaching an all-time high in May, the price of copper has since come off the boil. And we think it will fall further over the next eighteen months or so, as a combination of weaker economic... 16th July 2021 · 4 mins read
Commodities Weekly Oil to outperform in Q3 We expect strong growth in oil demand this quarter as virus-related travel restrictions are lifted in most of the largest consuming countries. At the same time, supply will remain relatively... 2nd July 2021 · 6 mins read
Industrial Metals Update Detailed China trade data highlight supply risks The breakdown of China’s trade data for May shows that the recovery in imports of scrap and tin ore has hit a few stumbling blocks. Were these issues to persist, they could help to put a floor under... 1st July 2021 · 2 mins read
Industrial Metals Update Making sense of the rise in exchange stocks Exchange stocks of base metals have risen this year, which usually suggests that markets are well supplied. But much of the recent build in stocks has been opportunistic and driven by financial... 29th June 2021 · 4 mins read
Commodities Weekly Rebound in prices likely to be short-lived Most commodity prices recouped some of their post-FOMC losses this week. Investor concerns surrounding Fed tightening have seemingly eased, which weighed on the dollar. At the same time, news that a... 25th June 2021 · 6 mins read
Metals Data Response Global Steel Production (May) Growth in global steel production is still running high in year-on-year terms owing to the low base a year earlier. However, daily production in May was somewhat lower than April, as output in China... 22nd June 2021 · 2 mins read
Metals Data Response Global Aluminium Production (May) Average daily global aluminium production edged up in May as smelters continued to take advantage of high prevailing prices. We think that production will rise further in the near future. 21st June 2021 · 2 mins read
Industrial Metals Update Lead has its uses, for now Lead demand should bounce back this year, despite the shortage of semiconductor chips which is currently curtailing global vehicle production. However, we think a simultaneous recovery in lead supply... 18th June 2021 · 3 mins read
Commodities Update China’s iron and copper imports to fall further China’s imports of industrial commodities, particularly iron ore and unwrought copper, eased back in May. We expect import volumes of both these commodities to fall further in the coming months as... 7th June 2021 · 2 mins read
Commodities Weekly Oil prices to rise a little further as OPEC+ hold the line In what proved to be one of the shortest OPEC+ meetings ever, the group agreed this week to stick to its previously planned increase in output in July. Oil prices rose sharply on the back of the... 4th June 2021 · 6 mins read
Metals Chart Pack Strong month for metals not a sign of things to come May was a strong month for the prices of most metals, but we suspect that this may be as good as it gets. After all, if we’re right in expecting economic growth in China to slow in the second half of... 3rd June 2021 · 7 mins read
Commodities Chart Pack Most commodity prices to fall back before long Prices generally rose in May, bolstered by signs of recovery in the global economy – led by the US – and stronger commodities demand. While prices could make further gains in the near term, we expect... 2nd June 2021 · 7 mins read
Commodities Weekly OPEC+ to stand pat, for now OPEC+ is set to meet next Tuesday, when we expect the group to agree to continue with its incremental increases in production through to July. We think it unlikely that the group will address the... 28th May 2021 · 6 mins read
