Commodities Chart Pack Commodity prices to take a breather in the near term A rise in new coronavirus infections in many parts of the world, including Europe and India, weighed on investor sentiment in commodity markets in March. However, all the signs point to a rapid... 7th April 2021 · 7 mins read
Commodities Weekly Impact of Suez blockage likely to be short-lived Commodities markets were something of a mixed bag this week. The grounding of a container ship in the Suez Canal helped to prop up the prices of some commodities despite growing worries over the... 26th March 2021 · 6 mins read
Metals Watch The outlook is brighter for palladium than platinum In this Metals Watch, we examine the outlook for supply and demand of platinum and palladium to determine the direction of their prices over the next couple of years. 24th March 2021 · 5 mins read
Metals Data Response Global Steel Production (Feb.) Growth in global steel production declined in February y/y. And though base effects will distort growth rates for a while yet, we reckon that China’s steel output growth will start to slow before long... 23rd March 2021 · 2 mins read
Commodities Weekly Optimists need a little patience Commodities markets experienced a bit of a reality check this week, with prices falling despite little material change in the underlying demand and supply fundamentals. In the same way that optimism... 19th March 2021 · 5 mins read
Commodities Focus The anatomy of a supercycle History shows that supercycles are usually demand-driven, and that the performance of individual commodity prices has varied hugely both within and between past supercycles. In addition, supercycles... 17th March 2021 · 13 mins read
Industrial Metals Update Tsingshan news to cap nickel price News on a potential breakthrough in the supply of nickel matte from Tsingshan has dampened nickel prices. Rather than a step-change in nickel market supply, we reckon that this development will simply... 17th March 2021 · 3 mins read
Commodities Update Rally in metals prices reminiscent of post-GFC Industrial metals prices have soared recently to multi-year highs. But we think the rally is unsustainable. In fact, it cements our view that slowing growth in China will drag prices lower by end-2021... 10th March 2021 · 3 mins read
Commodities Weekly Oil prices making up for lost time It was a relatively two-sided affair in commodities markets this week. On the one hand, oil prices rose on the back of greater-than-expected output restraint announced by OPEC+. And on the other hand... 5th March 2021 · 8 mins read
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
