Industrial Metals Update Pockets of strength and weakness in China’s imports There was no clear trend in China’s September metals import data. Indeed, in many cases, we think incoming shipments appeared at odds with the underlying trends in domestic demand and supply. High... 24th October 2017 · 1 min read
Metals Data Response Global Steel Production (Sep.) World Steel Association (WSA) data showed a 5.3% y/y increase in global steel production in January-September, with output rising in all the major producers except Japan. That said, global output was... 23rd October 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Sep. & Q3) China’s September activity and investment data and Q3 GDP suggest that the economy is holding up well. However, both point to weakness in the construction sector, which will weigh on demand for metals... 23rd October 2017 · 1 min read
Metals Data Response Global Aluminium Production (Sep.) The latest aluminium output data for September, released today, point to a tighter market. However, ShFE stocks have continued to rise indicating that the market is amply supplied for now. We expect... 20th October 2017 · 1 min read
Commodities Update Commodities defy stronger dollar Despite a stronger US dollar, the S&P GSCI commodity index trended higher. With the exception of agriculture, all the other sub-indices recorded gains. 18th October 2017 · 1 min read
Industrial Metals Update Stocks fall, but cannot explain the surge in prices Total exchange stocks of nearly all the metals edged lower over the last month, which will have been a factor supporting prices. That said, the recent stock drawdowns have been relatively small. What... 17th October 2017 · 1 min read
Commodities Weekly All eyes on China The more industrial commodities have had a good week, which was vindicated to some extent on Friday by data showing a surge in China’s commodity imports in September. Meanwhile, the minutes from the... 13th October 2017 · 1 min read
Industrial Metals Update Does the rally in alumina prices have legs? The jump in alumina prices is probably premised largely on the prospect of winter capacity closures in China. But given that aluminium production could also fall, the market may not be as tight as it... 9th October 2017 · 1 min read
Commodities Weekly A busy week ahead … It was a relatively quiet week on the news front, at least until the US labour data on Friday. The 33,000 drop in non-farm payrolls came as a surprise, even though markets had expected hurricane... 6th October 2017 · 1 min read
Metals Chart Pack Hold on to your hard hats! The prices of most metals fell in September as a rising US dollar and upward revisions to expectations of US interest rate hikes weighed on investor sentiment. Signs of somewhat softer economic... 5th October 2017 · 1 min read
Africa Economics Update African markets soften in September A combination of rising political risk and falling commodity prices caused key African markets to weaken over the past month. Only a few markets bucked the trend, and they gained very little ground. 28th September 2017 · 1 min read
Metals Data Response Global Steel Production (Aug.) World Steel Association (WSA) data showed a 4.9% y/y increase in global steel production in January-August, with output rising in all the major producers except Japan. That said, global output was... 21st September 2017 · 1 min read
Industrial Metals Update China Metal Output Monitor China increased its output of most refined metals in the first eight months of the year. The main exceptions were zinc and nickel. 20th September 2017 · 1 min read
Industrial Metals Update Stock data at odds with prices There has been a dramatic drawdown of Shanghai lead inventories in the last month and a surge in LME copper stocks in the last week. Otherwise, total stock movements have been relatively subdued, with... 18th September 2017 · 1 min read
Industrial Metals Update Investor sentiment could be about to turn Sentiment towards metals remained broadly positive in Q3 as the prospect of capacity cuts in China later in the year supported industrial metals prices whilst heightened geopolitical risks buoyed... 15th September 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Aug.) China’s August activity and spending data suggest that the slowdown that started in July continued into August. In particular, a downturn in infrastructure spending does not bode well for metals... 14th September 2017 · 1 min read
