Focus: After six months of increase, US oil inventories are falling sharply relative to seasonal norms
• Rising LME stocks point to a nickel market surplus in Q2
• OPEC meets on 5 June; policy is unlikely to change, but Saudi statements likely to ...
A strong surge in China’s crude oil imports has helped to tighten global balances
• Metals trade data points to modest improvement in China demand growth rates in April versus Q1
• China’s y/y oil demand growth has stayed above 8% for a second mon...
Focus: The main contribution to oil-market rebalancing has come from demand
• ILZSG data shows the refined zinc market quarterly surplus in Q1-2015 was the largest since 2011
• The decline in US shale oil output looks set to accelerate in June and...
Focus: We expect conventional non-OPEC oil supply to fall sharply in H2
• China’s copper imports strength in April points to improving demand conditions
• US oil supply looks set to fall for the rest of 2015, despite a gradual recovery in rig coun...
Focus: Low gas prices are reducing coal’s share of the US power mix; regulation is adding to that move
Base metal prices have risen strongly, although supply and demand fundamentals remain sluggish
Oil prices have firmed on the first sign of possi...
Metals prices remain caught between sluggish fundamentals and positive macro developments in Q2
• Short -covering driven price rallies should be faded until more tangible evidence of better demand levels emerges
• We now anticipate limited upside...
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...
China’s aluminium production will likely remain strong in 2015 on aggressive capacity expansions
• Improving smelting profitability owing to substantially lower power costs...
Focus: The long-term story of zinc mine closures offers little fundamental support to prices in 2015
• Further signs that US shale oil output is falling; we expect the decline to accelerate in May
• Robust strength of China’s apparent copper deman...
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;...
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