Industrial Metals Update Checking back in with our demand proxies Our in-house demand proxies offer further evidence that industrial metals prices are running ahead of the underlying fundamentals. This helps to explain the sharp drop in industrial metals prices... 4th March 2021 · 2 mins read
Metals Chart Pack Rally in industrial metals unlikely to last Most metals prices advanced in February, with the exception of gold and silver. However, we suspect that the current prices of industrial metals look overextended, especially given the recent run of... 3rd March 2021 · 6 mins read
Commodities Chart Pack Investor optimism may prove short-lived Most commodity prices rose in February encouraged by falling COVID-19 infections and the vaccine rollout, which point to a recovery in economic activity and higher commodities demand later in the year... 1st March 2021 · 7 mins read
Metals Data Response Global Steel Production (Jan.) Growth in global steel production slowed in January, as China’s output growth fell back. However, output ex-China picked up and we expect further gains in the coming months, not least because of the... 25th February 2021 · 2 mins read
Industrial Metals Update Recent price rally to boost aluminium output this year Global aluminium production rose in January. And with LME and ShFE prices near multi-year highs, we expect further gains in production this year, which will ultimately weigh on prices. 23rd February 2021 · 3 mins read
Commodities Weekly Biden’s State of the Union might boost metals prices Abnormally cold temperatures in the US, particularly Texas, have forced a significant share of US oil wells and refineries offline this week. Oil prices initially surged on the back of this disruption... 19th February 2021 · 7 mins read
Industrial Metals Update China’s metal imports: three trends to keep an eye on With the first batch of Chinese trade data for 2021 not due for another few weeks, this Update outlines the key developments to look out for. Overall, we expect imports of refined metal to fall back... 17th February 2021 · 4 mins read
Industrial Metals Update Tin’s rally to fizzle out by end-2021 Supply disruptions and strong electronics demand have lifted the tin price from its virus-induced lows. But we anticipate that a switch in consumer spending away from goods towards services once... 12th February 2021 · 3 mins read
Industrial Metals Update Demand to be primary driver of lower iron ore price Despite our relatively conservative forecast of supply growth, we still think that the price of iron ore will fall sharply this year owing to slower growth in China’s demand. 10th February 2021 · 3 mins read
Metals Data Response Global Steel Production (Dec. and 2020) Growth in global steel production climbed in December, once again led by a rise in China’s output. We expect growth in China’s output to slow in 2021, while ex-China output should recover lost ground. 26th January 2021 · 2 mins read
Metals Data Response Global Aluminium Production (Dec.) Global aluminium production grew again in December. After a stellar 2020, we suspect that China will continue to lead the way in dragging global aluminium output growth even higher in 2021. 20th January 2021 · 2 mins read
Industrial Metals Update Key calls for metals in 2021 After staging a stellar recovery in 2020, there is considerable momentum in metals prices as we embark on the new year. That said, while prices may rise further in the near term, we think that they... 13th January 2021 · 3 mins read
Commodities Weekly Saudi Arabia springs a surprise After a strong finish to 2020, most commodity prices built on their gains in the first week of January, as investor sentiment continued to prove supportive and Saudi Arabia announced that it would... 8th January 2021 · 7 mins read
Metals Chart Pack Risk appetite to support base metals prices for now The prices of industrial metals continued to surge in December, capping off a strong 2020. However, we expect that prices will fall this year as growth in China’s demand slows on the back of the... 8th January 2021 · 6 mins read
Commodities Update China slowdown will weigh on metals prices in 2021 China’s December PMI readings suggest that the pace of economic expansion has started to ease, which chimes with our view that the demand for and, prices of, most metals will fall this year. 4th January 2021 · 2 mins read
Metals Data Response Global Steel Production (Nov.) Growth in global steel production fell in November, in part because cold weather in China weighed on construction activity there. Nevertheless, we expect global output to remain high in 2021 as... 22nd December 2020 · 2 mins read
