• Metals prices have come under pressure in late Q3, driven by concerns over China’s economy
• We see exposure to China’s property sector as a key performance differentiator going forward
• Aluminium is the LME base metal best insulated from th...
• Macro outlook
• FX outlook
• Rates outlook
• Commodity outlook
• Corporate strategy
• Central bank strategy...
Commodity import data for China implies a divergent set of demand circumstances across sectors
• Implied oil demand has rebounded to 3.4% growth, from a y/y decline seen in the previous release
• Robust copper and zinc demand despite the economy; ...
ETF: Gold investors return, but overall momentum remains bearish; oil investors see a break in support
• CFTC: Speculative flows showing signs of bottoming, but metals still susceptible to further corrections...
ETF: Gold outflows dominate commodity ETF space as ECB and BoJ attempt to boost their economies
• CFTC: Energy and metal speculative outflows continue with few signs of letting up
• ETF: Precious metal outflows dominate the ETF investor space following Jackson Hole
• CFTC: Speculators’ bearishness on energy and precious metals continues to grow
We launch our new regular metals publication, which contains detailed supply-demand analysis
• Deficit dynamics and higher prices are likely to be the key base metal trend over the next 2-3 years
• Off-warrant inventory levels and sluggish China d...
ETF: Gold inflows were strong before prices declined; a positive ETF-flow pattern is forming
• CFTC: Outflows continue, with precious metals leading the way; agricultural flows are stagnant...
• July commodity data shows areas of economic strength but also a setback in the economic recovery
• Weaker metal imports, offset by output and stock draws, result in strongest demand levels so far in 2014
• Crude oil imports are depressed by slug...
ETF: Investor flows were calm last week; silver inflows offset energy and agricultural outflows
• CFTC: Precious-metal inflows offset bearishness in base metals; gold-silver ratio seems overextended...
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