Commodities Weekly Trade talk optimism could prove misguided With little in the way of major economic data releases this week, most commodity prices rose on the back of news that the US and China may agree a “mini deal” as part of ongoing trade talks. This... 11th October 2019 · 7 mins read
Metals Watch Palladium to outperform platinum if AMCU strike There is a significant risk that the ongoing wage negotiations between platinum group metals (PGM) producers in South Africa and the Association of Mineworkers and Construction Union (AMCU) will lead... 4th October 2019 · 5 mins read
Metals Chart Pack Melancholy to persist this year After some fleeting optimism on the back of an apparent easing in US-China trade tensions in September, the recent run of weak US survey data saw demand concerns return to the fore. We think that... 3rd October 2019 · 7 mins read
Commodities Chart Pack Still too soon to turn positive Oil prices dipped in September despite the attacks on Saudi Aramco. In contrast, the prices of most other commodities increased owing to a rise in investor risk appetite. However, we expect US... 1st October 2019 · 7 mins read
Metals Data Response China and India Gold Imports (Aug.) Gold imports in China and India remained extremely weak in August. With local currency prices likely to stay elevated, and growth in China set to slow, a turnaround in demand is unlikely anytime soon. 25th September 2019 · 2 mins read
Precious Metals Update The gold price rally is over While we are revising up our once-bullish end-2019 forecasts for the prices of gold and silver, we think that the price rally this year has now run its course. Next year, we expect a recovery in bond... 11th September 2019 · 3 mins read
Metals Chart Pack Demand concerns to continue driving prices We expect worries about the escalating US-China trade war and prospects for the global economy to continue to drive metals prices in the coming months. Precious metals are benefitting from the... 6th September 2019 · 7 mins read
Metals Watch Incoming US tariffs put metals in the crosshairs As it stands, the US is set to levy a 15% tariff on roughly $300bn of ‘List 4’ imports from China, of which around half will be introduced on 1st September and 15th December respectively. We had... 29th August 2019 · 6 mins read
Precious Metals Update China and India Gold Imports (Jul.) Gold’s price rally saw Indian and Chinese imports continue to tumble in July. And, given that prices have risen further in August, gold imports could record multi-year lows in the second half of 2019. 28th August 2019 · 2 mins read
Precious Metals Update Palladium and rand dent platinum’s prospects We forecast that a weaker South African rand coupled with the high prices of by-products at platinum mines will mean that the price of platinum stays firmly in the doldrums over the next couple of... 19th August 2019 · 3 mins read
Commodities Update Metals in firing line of latest US tariffs Commodity prices plummeted yesterday in a knee-jerk reaction to the news of more US tariffs on Chinese goods. We have argued for some time that the US-China trade war was likely to escalate, and it... 2nd August 2019 · 3 mins read
Precious Metals Update Q2 & H1 2019 World Gold Council Demand Trends Central bank buying and ETF inflows underpinned robust demand for gold in the first half of 2019. While we think that strong official sector buying will continue, ETFs may start to see outflows as... 1st August 2019 · 3 mins read
India Economics Update Gold price rally won’t hurt external position Gold prices have hit a record high in rupee terms in recent weeks, surpassing the previous peak in 2012 when India was on the brink of a balance of payments crisis. But a drop in underlying demand for... 30th July 2019 · 3 mins read
Precious Metals Update What a difference two decades make … The ending of the Central Bank Gold Agreement signals that worries about central bank gold sales are firmly behind us. In fact, central bank buying is now a significant prop rather than a headwind to... 30th July 2019 · 3 mins read
Metals Outlook Base metals to see better days in 2020 Recent rallies in metals prices, particularly in precious metals and iron ore, are likely to falter sooner rather than later. Indeed, we expect almost all metals prices to drop in the remainder of... 29th July 2019 · 18 mins read
Precious Metals Update Palladium’s blue sky rally to cloud over The price of palladium has surged amid higher demand for the metal from the Chinese auto sector, due to the ‘Blue Sky Protection Plan’, and investor buying. But our in-house demand proxy suggests the... 19th July 2019 · 3 mins read
