Metals Focus Wounded auto sector could haunt palladium for years We expect the palladium market to remain in a deficit this year as both demand and supply plummet. Palladium supply should bounce back reasonably quickly, but the medium-term outlook for palladium... 4th June 2020 · 15 mins read
Metals Chart Pack Recovery in industrial metals has further to run May was a good month for metals prices. The ongoing revival in economic activity in China helped to lift the prices of most industrial metals, while investment demand for precious metals remained... 3rd June 2020 · 7 mins read
Industrial Metals Update Oversupply is far worse than exchange stocks suggest Exchange stocks are best used to judge the breadth of the downturn in metal demand, rather than the depth. With that in mind, we think that exchange stocks will help to tell us when demand for metal... 3rd June 2020 · 4 mins read
Industrial Metals Update Are China’s smelters starting to struggle? So far, there is only limited evidence that a lack of raw material is constraining output at Chinese smelters. But we think that will change in the months ahead. In our view, output is still most... 29th May 2020 · 5 mins read
Industrial Metals Update China infrastructure splurge to prop up iron ore price The fiscal stimulus announced today at the National People’s Congress in China failed to make much of a splash in metals markets. Nevertheless, we think it will underpin stronger iron ore demand this... 22nd May 2020 · 2 mins read
Metals Data Response Global Aluminium Production (Apr.) Global aluminium output growth slowed further in April. However, with demand in China now picking up as its economy emerges from lockdown, the possibility of substantial output declines there appears... 20th May 2020 · 2 mins read
Metals Watch Picking apart the silver price Silver is often described as having a strong price correlation with the business cycle, owing to its numerous industrial applications. Others cite its safe-haven appeal. In this Metals Watch, we... 18th May 2020 · 9 mins read
Metals Watch Are aluminium stocks set for a re-run of the GFC? In this Metals Watch, we take a closer look at whether the global aluminium market is set for a re-run of the global financial crisis (GFC), when a surge in exchange stocks depressed prices for... 6th May 2020 · 6 mins read
Industrial Metals Update China stockpiling is not a long-term solution The incentives offered by China’s provincial governments will artificially boost demand for base metals, especially lead and zinc. As a result, smelters who may have cut supply or shut altogether may... 29th April 2020 · 3 mins read
Metals Outlook The long road to recovery Measures designed to contain the spread of coronavirus have dealt a heavy blow to metals demand. Assuming that these measures are lifted at a global level in the second half of the year, we expect a... 27th April 2020 · 17 mins read
Metals Data Response Global Steel Production (Mar.) Global steel output declined in March in year-on-year terms. And all the signs suggest that worse is yet to come. As we had previously argued, the first global contraction in steel production for five... 22nd April 2020 · 2 mins read
Industrial Metals Update Vale cuts won’t prevent iron ore surplus Vale, the world’s second largest iron ore producer, has cut its iron ore output guidance for 2020 by nearly 30m tonnes. Although significant, we don’t think it will be enough to push the market into a... 20th April 2020 · 3 mins read
Metals Data Response Global Aluminium Production (Mar.) Aluminium output growth slowed last month. But with demand for aluminium collapsing, nothing short of a huge contraction in output will do enough to prevent stocks from piling up. Such a fall in... 20th April 2020 · 2 mins read
Metals Focus A deep dive on supply in the context of COVID-19 It is now crystal clear that virus containment measures will deal an unrivalled blow to metals demand. But the extent to which these same measures may also hit supply is up for debate. Despite all the... 16th April 2020 · 12 mins read
Industrial Metals Update Lower steel production to drag on iron ore prices Iron ore prices have been supported so far this year by China’s steel mills, which have continued to churn out metal. But with demand in China still subdued, and the virus-related disruption yet to... 8th April 2020 · 4 mins read
Metals Chart Pack Metals still staring into the abyss Industrial metals prices plummeted in March. And with the virus-related disruption outside of China yet to peak, we suspect that prices will fall further over the coming months. Even if containment... 2nd April 2020 · 7 mins read
