Industrial Metals Update Copper still waiting in the wings The price of copper has not risen by as much as the prices of other metals in recent months. But we think the underlying outlook for demand is strong and that there are risks on the supply side. As... 10th May 2016 · 1 min read
Metals Chart Pack A note of caution on the recent price rallies The prices of most industrial metals rose in April, although prices have eased back in the last week. A weaker US dollar, as market expectations of US interest rate rises were scaled back, was a key... 5th May 2016 · 1 min read
Commodities Chart Pack It’s all about the dollar Commodity prices rose again in April on a combination of persistent weakness in the US dollar and investor optimism about a recovery in Chinese demand. While our long-held view has been that... 3rd May 2016 · 1 min read
Commodities Outlook Medium-term prospects remain bright The recent rebounds in many commodity prices have been stronger than even we had anticipated and may be premature. We would not therefore be surprised – or that worried – to see some temporary pull... 29th April 2016 · 1 min read
Industrial Metals Update Investors cannot ignore oversupply of iron ore much longer The large speculative element in the recent rally in iron ore prices suggests that prices are especially vulnerable to any waning in the enthusiasm of Chinese investors, perhaps prompted by a further... 27th April 2016 · 1 min read
Latin America Economics Update Peru’s copper boom set to continue Surging copper production will continue to boost GDP growth in Peru over the next couple of years and, while growth is likely to ease in 2018 as mining output stabilises, we expect a recovery in other... 27th April 2016 · 1 min read
Metals Watch Has the rally in zinc prices got further to go? In recent years, zinc has periodically been a favourite of investors, based on the premise of falling supply as a result of mine closures. However, earlier price rallies have fizzled out, primarily... 26th April 2016 · 1 min read
Commodities Weekly Investor enthusiasm drives prices higher The prices of almost all commodities have risen this week, fuelled by the ongoing improvement in investor sentiment and renewed weakness in the US dollar. The rally in oil prices was perhaps somewhat... 22nd April 2016 · 1 min read
Industrial Metals Update A strong first quarter for China’s metals imports China’s metals imports remained high in March, reflecting the general optimism about a pick-up in demand. However, recent price rises and signs of stockpiling in China suggest that import growth may... 21st April 2016 · 1 min read
Metals Data Response Global Aluminium Production (Mar.) According to the International Aluminium Institute, global primary aluminium output grew by 0.7% y/y in March, although it was down on the same quarter a year earlier. 20th April 2016 · 1 min read
Industrial Metals Update Ditching of Chinese subsidies unlikely to rein in exports China’s decision to scrap its export subsidy programme will do little to help overcome huge surpluses of aluminium and steel, or to allay concerns about it dumping excess production on world markets... 20th April 2016 · 1 min read
Metals Data Response Global Steel Production (Mar.) World Steel Association (WSA) data, released today, show that global steel output fell by 0.5% year on year in March, up from declines of 3.3% and 7.1% in January and February respectively. That said... 20th April 2016 · 1 min read
Commodities Update Prices rebound in April Having wobbled in late March, most commodity prices have rebounded of late. Stronger economic data for March out of China has assuaged some concerns about demand and more than offset the negative... 19th April 2016 · 1 min read
Commodities Update Chinese data point to robust commodity demand First-quarter Chinese economic data suggest a cyclical rebound is underway, driven by state-sector spending. The data justify some of the recent strength in commodity prices and underpin our forecast... 15th April 2016 · 1 min read
Industrial Metals Update Stock movements more related to supply than demand With large divergences in stock movements between individual metals, it is unlikely that industrial demand has been the main driver. Instead, trends in inventories appear to have had a better... 14th April 2016 · 1 min read
Industrial Metals Update Still some way off from sustainable aluminium price rally Global aluminium output fell again in February, according to the International Aluminium Institute (IAI). But smelter restarts in a still over-supplied market could limit the scope for price increases... 13th April 2016 · 1 min read
