• Focus: Saudi Arabia’s exit strategy from disciplining non-OPEC producers is a pressing oil-policy issue
• Investor short positioning in copper has increased, generating significant downward price pressure
• Non-OPEC output is being hit hard, a...
• Short-term demand pessimism remains the prevalent theme as China quietens ahead of the Lunar New Year
• Mounting supply-rationing pressures and investor positioning extremes point to a price rebound by Q2-2015
• Copper prices are still far too l...
• Focus: Copper-price overshoot presents an opportunity for investors to position in Q1 for 2015
• Non-OPEC output potential is falling away sharply as oil-price undershoot continues
• The SNB’s surprise removal of the CHF ceiling further supports...
• China’s economic slowdown continues; only oil and copper demand remains robust
• Oil demand continues to grow; strategic stockpiling will likely lead to more crude oil imports in 2015
• Copper demand reached a record high in November, supporte...
Uneven economic growth, uneven prospects for commodities – Concerns over the frailty of the global economic recovery have created a bearish tone across the commodity complex in H2-2014 that only a handful of commodities have withstood. In some cases...
China’s commodity trade data implies firmer market conditions than sentiment is currently pricing in
• Demand growth has resumed for freight-related diesel after months of decline
• Refined copper data continues to show a surprisingly positive de...
China’s destocking cycle will likely continue into 2015; given sustained credit rationing to the metals sector, subsequent restocking cycle will likely be shallow and short-lived
• Absent broader and more aggressive policy action, we still favour b...
China’s oil and copper demand was strong in September
• Demand for other commodities was weak; the macroeconomic outlook is for a further slowdown in Q4
• We expect copper and oil demand to remain more robust than demand for most other commodities...
Credit rationing is driving an aggressive destocking cycle in China, which could leave the supply chain under-prepared for any demand improvement in 2015
• The copper market is most advanced in this cycle, aided by SRB buying and an improvement in ...
• 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...
If this is a public computer please consider checking this box carefully.
Please access our research via your Straight2Bank account
Digital technology is transforming the economy and society. Adoption, not invention, has the most economic impact. Technology can lift developed countries if they embrace change. New technologies offer more opportunities than challenges for emerging markets.
About Standard Chartered
Group investor relations
Group media centre
WB media centre
Copyright © 2015 Standard Chartered Bank