Commodities Update China’s PMIs signal weaker demand China’s unofficial and official manufacturing PMIs point to a somewhat softer economy in June. We expect further weakness ahead, which will continue to weigh on the prices of most commodities. 2nd July 2018 · 1 min read
Metals Data Response Global Steel Production (May) World Steel Association (WSA) data showed a 6.6% y/y increase in global steel production in May, driven by higher output in China, India, Japan and the US. We expect this trend to continue over the... 25th June 2018 · 1 min read
Commodities Weekly OPEC: Will they, won’t they? Most commodity prices fell sharply this week on concerns that the rise in trade tensions between the US and China could spiral into a full-blown trade war. There were particularly sharp drops in the... 22nd June 2018 · 1 min read
Industrial Metals Update Prices to fall further The prices of industrial metals have been caught up in the general market sell-off following the ramping up of trade tensions between the US and China. We expect prices to continue to trend lower over... 21st June 2018 · 1 min read
Metals Data Response Global Aluminium Production (May) Global aluminium output ticked up in May, driven by higher production in Asia ex-China and the GCC. We expect growth in output to accelerate over the coming months as higher prices and the prospect of... 20th June 2018 · 1 min read
Industrial Metals Update Copper rally won’t last The ongoing wage negotiations at several copper mines are likely to keep prices well supported in the short term. However, we think that growing supply and only subdued demand will weigh on copper... 12th June 2018 · 1 min read
Commodities Weekly All eyes on Trump The EU, Canada and Mexico all announced retaliatory tarrifs on certain imports from the US this week. Although we doubt that this is the start of a full-blown trade war, the risk of one is greater now... 8th June 2018 · 1 min read
Precious Metals Update Silver’s outperformance won’t last While a jump in US Treasury yields has weighed on the price of gold over the past month, the price of silver has rallied. However, we doubt that silver will outperform gold for long. 7th June 2018 · 1 min read
Industrial Metals Update Will the lead rally be sustained? Over the past month, the price of lead has surged. This appears to be the result of a clampdown on recycling plants in China, which has reduced scrap lead supply since the start of the year. However... 6th June 2018 · 1 min read
Metals Chart Pack Metals shrug off strong dollar For the most part, metals prices rose in May despite the dollar appreciation. Robust demand and tighter supply buoyed the prices of aluminium, nickel and lead. However, we still think that slower... 5th June 2018 · 1 min read
Commodities Weekly Trade back in focus It has been a busy week on the news front. The early part of the week was dominated by the political crisis in Italy, which weighed on the euro. Later in the week, President Trump announced that he... 1st June 2018 · 1 min read
Commodities Chart Pack Commodities shrug off the stronger dollar Commodity price indices surged in May despite a jump in the US dollar. Oil prices got a boost from the re-imposition of US sanctions on Iran which threaten to reduce oil output by up to 1m bpd... 1st June 2018 · 1 min read
Industrial Metals Update Nickel unlikely to hold on to price gains Tighter supply and strong demand have led to a rapid drawdown of nickel exchange stocks and given a lift to prices. But with supply starting to pick up and more subdued demand growth, we expect the... 31st May 2018 · 1 min read
Metals Watch Rally in US steel prices to prove self-defeating President Trump’s decision to impose a 25% tariff on US steel imports has sent the price of US hot-rolled coiled steel skyrocketing. But how sustainable is the rally in prices? In this Metals Watch we... 31st May 2018 · 1 min read
Metals Data Response Global Steel Production (Apr.) World Steel Association (WSA) data showed a 4.1% y/y increase in global steel production in April, driven by higher output in China, India, the EU and the US. We expect this trend to continue over the... 25th May 2018 · 1 min read
Industrial Metals Update Investors become less positive on metals Investor sentiment in the metals markets has deteriorated since the start of 2018, although more so for precious metals than industrial. Some of the technical indicators that we monitor have recently... 25th May 2018 · 1 min read
