Commodities Update Industrials looking vulnerable to a turn in sentiment Commodity prices have generally risen in the last month, despite a further appreciation of the US dollar. That said, the likelihood of a US interest rate hike before end-2016 weighed on precious... 19th October 2016 · 1 min read
Commodities Outlook Near-term risks largely on the downside The recent more positive tone in commodity markets has been helped by a number of tailwinds that may be about to fade, if not reverse. The boost to Chinese demand from policy stimulus now already... 18th October 2016 · 1 min read
Commodities Weekly US dollar appreciation constrains prices The prices of most industrial commodities fell this week, as the US dollar continued to appreciate. Doubts about whether OPEC’s plans for an output quota will lead to any meaningful cuts to supply... 14th October 2016 · 1 min read
Industrial Metals Update Recent fall in stocks suggests metals markets are tightening Exchange stocks of metals have fallen across the board over the past month. In most cases, dwindling mine supply, rather than strong demand, was responsible for the decline. While there might well be... 13th October 2016 · 1 min read
Metals Data Response South Africa’s Mine Production (Aug. 16) South Africa’s total mine production continued to fall in August, but PGM output recovered as miners took advantage of higher prices. Looking ahead, we think there is a risk of supply disruptions in... 13th October 2016 · 1 min read
Commodities Update China’s September commodity imports hold up rather well A renewed contraction in China’s import bill grabbed the headlines this morning, but China’s commodity import volumes were actually surprisingly strong last month. 13th October 2016 · 1 min read
Metals Watch What would a Trump victory mean for metals prices? We don’t pretend to know how the political race in the US will develop or who will eventually win the presidency, but in this Metals Watch we aim to shed some light on the potential impact on metals... 12th October 2016 · 1 min read
Industrial Metals Update Nickel prices on increasingly shaky ground The price of nickel has had a good run, but ultimately stocks are high, demand is unexciting albeit solid and supply prospects may improve. As such, we suspect that prices will struggle in the near... 10th October 2016 · 1 min read
Commodities Weekly Energy prices shrug off US dollar appreciation Energy prices surged this week, despite the strength of the US dollar, as the physical markets appeared to be moving closer to balance from a position of oversupply. In most other commodity markets... 7th October 2016 · 1 min read
Metals Chart Pack Industrials steal the show Most metals prices have trended higher over the past month, on signs that the monetary and fiscal stimulus enacted earlier in the year in China is starting to feed through into stronger activity... 4th October 2016 · 1 min read
Commodities Chart Pack A positive month for commodities Encouraging Chinese economic data and the Fed’s decision to leave interest rates on hold boosted the prices of most commodities last month. That said, gold traded in a narrow range, perhaps starting... 3rd October 2016 · 1 min read
Commodities Weekly OPEC’s surprise deal lacks substance The price of oil surged this week in response to the announcement that OPEC members had reached a deal to curb output. However, we are sceptical that this new deal will lead to lower oil supply, not... 30th September 2016 · 1 min read
Industrial Metals Update Resilient Chinese economy supports prices Industrial metals prices have profited in the last month from relatively upbeat economic data out of China as well as the Fed’s decision not to raise interest rates just yet. We expect China’s economy... 29th September 2016 · 1 min read
Industrial Metals Update What do higher coking coal prices mean for iron ore? The recent doubling of coking coal prices has been cited as good news for the price of iron ore. However, we think quite the contrary. A supply shock has underpinned the rally in coking coal prices... 26th September 2016 · 1 min read
Commodities Weekly Algiers unlikely to be a game-changer For the most part, commodity prices have risen this week, boosted by some weakness in the US dollar. The Fed's decision on Wednesday to keep interest rates on hold weighed on the US currency. That... 23rd September 2016 · 1 min read
Industrial Metals Update China’s metals imports remained subdued in August August was another weak month for China’s metals imports. In some cases, lower supply and higher prices have weighed on import volumes. However, relatively soft underlying demand could have also... 22nd September 2016 · 1 min read
