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
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
Energy Chart Pack A strong start to 2018 A number of temporary factors, including unusually cold winter weather and supply disruptions, gave a last-minute boost to the price of oil in 2017. Coal and LNG prices also benefitted from high... 4th January 2018 · 1 min read
Commodities Weekly Metals return to the party It has been a good week for industrial metals, with prices rising on the back of data showing relatively stable industrial activity and solid growth in investment spending in China. The Fed’s rate... 15th December 2017 · 1 min read
Precious Metals Update Gold shrugs off Fed rate hike Somewhat counterintuitively, the price of gold gained 1.6% following the Fed’s decision to hike US interest rates for the third time this year and the fifth time in this tightening cycle. The lack of... 14th December 2017 · 1 min read
Commodities Update What does a flattening yield curve mean for gold? While a flattening US yield curve has, at times, been associated with a rising gold price, the relationship is far from perfect. Indeed, although we expect the curve to continue to flatten over the... 12th December 2017 · 1 min read
Commodities Weekly Gold vulnerable to further Fed tightening Commodity prices mostly fell this week. A stronger US dollar – following the US Senate’s approval of the “Tax Cuts and Jobs Acts” last Saturday – was the main reason behind the declines in prices... 8th December 2017 · 1 min read
Metals Chart Pack Metals starting to look vulnerable The prices of most metals fell in November, reflecting concerns about somewhat softer economic data out of China. The outlier was the ferrous sector, where prices surged on the prospect of Chinese... 5th December 2017 · 1 min read
Metals Data Response China and India gold imports (Oct.) The latest trade data for India and China show that gold imports remained weak in October. We had always thought that demand in India would soften in the second half of the year as a result of the new... 27th November 2017 · 1 min read
Commodities Weekly Political risks boost oil prices The price of oil jumped this week on rising tensions in the Middle East, which also lent some support to the gold price. In contrast, the prices of industrial metals fell, after strong gains a week... 10th November 2017 · 1 min read
Precious Metals Update PGM prices got ahead of themselves After years of oversupply, there are now clear signs that the PGM market is tightening. Falling mine supply should help the market to rebalance, but a higher rate of recycling could put a cap on... 10th November 2017 · 1 min read
Precious Metals Update Q3 2017 World Gold Council Demand Trends Global gold demand fell in Q3 to the lowest level in 8 years, continuing the downward trend so far in 2017. Weak jewellery demand and stalling ETF inflows were the main factors behind the decline... 9th November 2017 · 1 min read
Precious Metals Update Gold price overvalued according to most indicators Elevated geopolitical risks and dovish market expectations for Fed tightening have supported the price of gold this year. While we have revised up our end-2017 and end-2018 forecasts, we still expect... 3rd November 2017 · 1 min read
Metals Chart Pack Nickel soars on positive outlook for electric vehicles The prices of most metals rose in October, despite some appreciation of the US dollar and somewhat softer economic data out of China. Optimism about future demand, notably associated with the electric... 2nd November 2017 · 1 min read
Commodities Chart Pack Commodities on a tear October was another strong month for the prices of industrial metals and oil as optimism about demand prevailed while prospects for supply deteriorated. We are more cautious, however. There are now... 1st November 2017 · 1 min read
Metals Watch Zinc to lose its zing in 2018 Since the start of 2016, zinc has doubled in price. A combination of mine closures (owing to depletion), production cuts and solid demand have been the key drivers of the rally. But speculative... 31st October 2017 · 1 min read
