China’s commodity demand has been mixed, with bulks weak and oil demand particularly robust
• Demand growth deceleration rather than y/y contraction was evident for most metals in Q1
• China’s crude processing volumes reached a new high, resultin...
Focus: The recession in the US oil and gas industry is set to be the second largest in the past 65 years
• China’s aluminium semis exports fell in March, constrained by lower ex-China physical premiums
• US crude oil inventories continue to rise;...
• OPEC’s share of China’s crude oil imports has seen a limited recovery so far in 2015
• The collapse in scrap imports supported China’s primary copper cathode demand in February
• Crude oil imports have maintained their strong y/y rise; oil produ...
• Focus: Power demand in Saudi Arabia is likely to reduce oil exports over the next two quarters
• Rebound in China’s SME confidence points to improving metal supply-chain activity in March
• Oil prices spiked higher briefly following Saudi-led ai...
Focus: A rise in uncompleted wells implies that US oil output is falling faster than the consensus view
• China’s nickel deficit is expected to grow in H1
• Global oil surplus is heavily concentrated in the US and is entirely in crude oil rather t...
Focus: Our 2016 supply and demand forecasts are now available in Standard Chartered Scenarios
• Latest China metals production data points to a mixed picture for demand conditions in early 2015
• Oil prices have fallen sharply, primarily due to a ...
Focus: Softness in the zinc physical market points to continued near-term relative underperformance
• China’s preliminary trade data shows falls in copper imports and aluminium product exports
• Key monthly oil reports are due in the next week; we...
• Focus: Nickel was in surplus in 2014; however, we expect the market to move into deficit in 2015
• Further rig-count falls reinforce our view that US shale oil output growth will disappear in April
• ICSG data shows copper concentrate market de...
• Focus: The fundamental outlook for OPEC has improved rapidly, particularly for H2
• Further signs of slowdown in China’s metal demand keep sentiment muted
• Brent prices have rallied above USD 60/bbl on expectations of a rapid weakening in non-O...
• Focus: Volatility in commodities has increased markedly in 2015 to date compared with last year
• A fall in China's copper concentrate imports in January points to cutbacks in refined output
• US oil drilling has fallen sharply again; market v...
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