Commodities Outlook Is the party over? Commodity prices started 2018 on a high, bolstered by optimism about global growth prospects and the ongoing depreciation of the US dollar. However, we think there are now clear signs that growth in... 9th February 2018 · 1 min read
Commodities Update Commodities caught up in the wider sell-off The latest falls in commodity prices have more to do with risk aversion than any deterioration in underlying demand and supply fundamentals. That said, we had always expected commodity prices to fall... 6th February 2018 · 1 min read
Metals Chart Pack Is the rally starting to fizzle out? The prices of most metals continued to make gains in the first month of 2018. The persistent depreciation of the US dollar supported the prices of all the metals, but notably that of gold. However... 5th February 2018 · 1 min read
Commodities Chart Pack Dollar weakness bolsters commodities Commodity prices trended higher in January, with all the major sub-sectors of the S&P GSCI recording gains. Energy led the way, rising by 4.5% m/m. Dollar weakness was the main driver of the rally in... 1st February 2018 · 1 min read
Metals Data Response Global Steel Production (Dec. & 2017) World Steel Association (WSA) data showed a 3.9% y/y increase in global steel production in December and a 5.3% rise in 2017 as a whole. Expectations that the capacity closures in China would prompt a... 24th January 2018 · 1 min read
Metals Data Response Global Aluminium Production (Dec. & 2017) Global aluminium output bounced back last month, led by a jump in China’s production. It seems likely that refineries ramped up output to benefit from high prices and the capacity closures in parts of... 22nd January 2018 · 1 min read
Commodities Weekly Commodity price rally stalls The prices of many industrial commodities, including oil, fell this week despite the ongoing depreciation of the US dollar. The dollar was volatile, but ended the week lower. On Thursday, the... 19th January 2018 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Dec.) China’s activity and investment held up well in December, although growth was markedly slower than earlier in the year. We expect the slowdown to continue in the coming months. 19th January 2018 · 1 min read
Industrial Metals Update Stock movements point to a tighter zinc market A surge in cancelled warrants on LME stocks can explain some of the rally in the price of zinc. That said, inventories of most other metals have risen over the last month, suggesting markets are amply... 15th January 2018 · 1 min read
Commodities Weekly Commodities shrug off weak Chinese imports The prices of most commodities edged higher this week. Industrial metals rallied despite Chinese trade data showing that domestic demand had weakened at the end of 2017. Meanwhile, heightened... 12th January 2018 · 1 min read
Metals Watch Have we got too excited about EVs? Electric vehicle sales have skyrocketed over the past few years. As a result, the sector has become a growing source of demand for metals. In this Metals Watch, we look at the latest trends in... 11th January 2018 · 1 min read
Commodities Weekly A cautious start to the year The prices of most commodities trended higher this week, supported by a weaker US dollar. Falling US stocks and heightened geopolitical risk pushed the oil price higher. In contrast, industrial metals... 5th January 2018 · 1 min read
Industrial Metals Update Aluminium still in comfortable supply Aluminium production in China is likely to continue to fall over the next few months as the Chinese authorities impose output cuts. While this would give the impression of a tighter market, Shanghai... 5th January 2018 · 1 min read
Metals Chart Pack Industrials outperform precious metals in 2017 The prices of most metals rallied in 2017, bolstered by strong Chinese economic growth, a weaker dollar and, in some cases, supply concerns. But, overall, industrial metals outperformed precious... 4th January 2018 · 1 min read
Metals Data Response Global Steel Production (Nov.) World Steel Association (WSA) data showed a 3.7% y/y increase in global steel production in November and a 5.2% rise in the year-to-date with all major steel-producing countries recording increases... 20th December 2017 · 1 min read
Metals Data Response Global Aluminium Production (Nov.) The latest output data for November point to a tighter aluminium market. We had always expected this to happen as the planned closures in China began last month. However, growth in demand has also... 20th December 2017 · 1 min read
