Analysis & Outlook of Non-Ferrous Metals Market Trends
|
|
- Kristopher Robbins
- 5 years ago
- Views:
Transcription
1 May 2014 Analysis & Outlook of Non-Ferrous Metals Market Trends Mark Keenan Head of Commodities Research - Asia Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate to characterise it as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a research recommendation. This publication is also not subject to any prohibition on dealing ahead of the dissemination of investment research. However, SG is required to have policies to manage the conflicts which may arise in the production of its research, including preventing dealing ahead of investment research.
2 GENERAL COMMODITY MARKET OVERVIEW We continue to expect that most metals will exhibit moderate volatility during the remainder of this year as the global economy recovers. The recent volatility spikes for a few metals, provide a reminder that volatility regimes (profiles) can change abruptly. Sources of general commodity market volatility so far this year have been the weather, geopolitics (Ukraine) and fears of a sharp slowdown in emerging markets (China in particular). The biggest source of uncertainty for commodity prices this year coming from emerging markets. This year is particularly critical for China as the government has allowed the first few corporate defaults to take place in what is likely to be the first of many. Given the large amount of estimated bad debt, there are fears that this could trigger a vicious cycle of defaults, resulting in a potential negative risk to the Chinese economy. The market is starting to get worried about this, which explains the recent sharp drop in the copper price. Copper is particularly exposed to fears of a sharp slowdown in China 1) the copper price trading some 40% above its marginal cost of production, 2) China accounting for 35-40% of global copper consumption, 3) copper mine supply accelerating which is likely to result in an inventory surplus this year and next 4) The use of copper in collateralised lending. Our economists expect China s government to successfully control the pace of defaults to avoid a hard landing. Our economists see a 20% probability of a hard landing (sub 5% growth). We expect a strong bounce back in US macro economic data over the rest of the year after weather-driven weakness in Q1 with 2014 GDP growth of 3.0%. Fed tapering should be completed before year-end with the first rate hike around mid The euro area should grow by 1.0% this year while China is expected to slow to 7.1% growth. Global at 3.6% 2
3 COPPER RISING SURPLUS AS SUPPLY OUTSTRIPS DEMAND ) March decline driven by fears of Chinese credit issues - possibility that copper held as collateral against loans may be sold. 2) Now - growing understanding that Copper is typically hedged in these financing deals - falling copper prices should not trigger their unwinding. Despite this Good hedge e.g. Australia Pension funds 3) What we have learnt - the large amounts of copper channelled into financing deals in China suggests physical demand less than implied. (bonded stocks 800kt) 4) Going forward - we believe that tight credit conditions, weaker Yuan, and negative arbitrage will likely discourage further finance linked copper imports over months ahead ) In spite of a China slowdown, the outlook for 6000 copper demand is an improving one, with global GDP growth set to accelerate in ) We forecast Dec-11 consumption growth Jun-12 of 4% Dec-12 Jun-13 Dec-13 yoy to 21.63Mt in 2014 compared to a 3.0% yoy gain in 2013 of 20.80Mt. Things to watch out for this year: - El Nino - India - June / July Copper Spread 7) Despite consumption growth in 2014, we expect copper to move into a surplus of 0.47mt as mine supply increases. (Chile, Mongolia, Peru) Price 2014 $ $ $ $ Q3 $ Q4 $ Q1 $6500 9) We believe that over the longer term and given time taken to bring a project from the exploration stage through into production, a prolonged period of underinvestment will again lead to a supply lag by 2016/17 and onwards $ $7500 8) In 2015 we forecast a surplus of 0.50mt as mine supply accelerates. 3
4 EL NINO WHAT IS IT & ITS POTENTIAL IMPACT ON COPPER, ZINC AND NICKEL On 6 an El Niño watch was declared by scientists at the National Oceanic and Atmospheric Administration (NOAA). The scientists attributed a 50% chance of El Niño developing during the summer or fall and even suggest this event might rival the record El Niño event of Currently - the International Research Institute for Climate and Society (IRI) at Columbia University now report a 70% chance of El Niño occurring in August, rising to a 75-80% probability by October. 4
5 INDIA THE NEW CHINA? After three long decades of political alliances of every hue and colour; India has given a clear majority to a single party at the centre of the political spectrum. The BJP, led by Narendra Modi, has won the general elections by a clear margin, gaining 282 seats out of 543 in the lower house. This is the first time since 1984 a single party majority has ruled India and represents a significant shift. The last three decades were marked by the politics of coalition and alliances where consensus building was crucial for government, both to push forward any agenda and to remain in power, thereby significantly slowing growth and developed on many fronts 12.00% 10.00% 8.00% 6.00% 10.10% 9.36% 8.63% 8.16% 7.83% 7.71% 7.23% 7.02% 6.48% 6.03% 4.00% 2.00% 0.00% GJ DL MH TN AP IND BH KA WB UP Average Real Grow th Rate of States (GSDP %) at Constant Prices (Period ) 5
6 INDIA COPPER THE MOST SENSITIVE? Crude Oil consumption (China LHS, India RHS) - linear trend for both countries Coal consumption (China LHS, India RHS) - linear trend for both countries. Copper consumption (China LHS, India RHS) - linear trend for both countries until 2009 China India China India China India 12% 10% 8% 6% 4% 2% 0% % 4% 3% 2% 1% 0% 60% 50% 40% 30% 20% 10% 0% % 8% 6% 4% 2% 0% 50% 4% 40% 3% 3% 30% 2% 20% 2% 1% 10% 1% 0% 0% Industrials metal and steel consumption in India rebased to 100 in (Steel ) Industrial metals and steel consumption in China rebased to 100 in (Steel ) Copper Aluminium Copper Aluminium Zinc Nickel Lead Steel Zinc Nickel Lead Steel
7 JUNE COPPER SQUEEZE? The Jun-Jul copper spread could move into a much steeper backwardation as outstanding shorts from the March sell-off are likely to struggle to buy back positions or deliver against them given low LME stocks. Severe tightening looks inevitable given the presence of large shorts/trade hedge shorts and the absence of lenders. Looking at the latest LME data there appears considerable short interest outstanding on the June prompt date which will have to be covered. LME data shows one entity alone holds a short position equal to 30-40% of market open interest. The Jun-Jul spread backwardation is currently trading at $ /t from flat in March, while the cash-3 s backwardation has widened to $93/t from $10/t. What about the possibility of a surge in copper exports from China to relieve the situation? The LME nearby backwardation is not yet sustained or extreme enough to trigger a surge in Chinese exports. The SHFE-LME arbitrage has widened slightly, but is still much narrower than it was earlier in Q1. In addition, bonded premia are high to probably attract deliveries from Chinese smelters rather than for metal to be exported. The cash-3 s backwardation will need to approach $150/t or thereabouts before we are likely to see exports of copper from China. 7
8 ALUMINIUM MODERATELY HIGHER PRICES LOOK LIKELY ) Overall, Aluminium remains under pressure from weak fundamentals, namely high inventories and a global market in surplus. 2) Speculative sellers have dominated market activity, but some have covered their shorts in recent weeks in response to the rising political tensions between Russia and Ukraine. 5) Production growth should outstrip consumption in 2014, leaving the aluminium market in surplus to the tune of 0.55Mt, the eighth successive year of surplus. 6) With the rate of growth of aluminium consumption one of the fastest among the base metals, moderately higher prices look likely, although the huge inventory overhang, strong production growth will cap the upside. Price 2014 $ $ $ $ Q3 $ Q4 $ Q1 $1850 Things to watch out for this year: 1600 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 3) Physical premiums recently spiked and continue to remain elevated. It remains to be seen what the impact will be surrounding the LME warehouse issue. - Indonesian ore export ban. Despite huge Chinese bauxite imports last year & 10m tonnes of aluminum stocks, the cost of landing bauxite in China has increased form $40/t last year to $60/t due to cost of bringing form further away. (Australia & India) 4) Overall, and separately from the LME issue, we believe that stronger physical demand, production cuts and scrap shortages will support physical premiums. 8
9 ZINC - BULLISH - SMALLER DEFICITS AS CONSUMPTION RISES ) Underlying zinc consumption in 2014 is forecast to increase in all of the major economies. 2) Global consumption in the automotive, infrastructure, construction and white goods sectors, is expected to rise by 5.0% in 2014 (13.35mt to 14.02mt). In 2013 it grew 4.0%. 3) The outlook for global refined production remains positive with few constraints on mine supply. Higher treatment charges should also boost smelter output. 4) Global refined output should advance by 6.2% yoy in 2014 (13.00mt to 13.80mt) ) European demand will make a more meaningful contribution and US consumption looks positive. Things to watch out for this year: - El Nino 1600 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Price 2014 $ $ $ $ Q3 $ Q4 $ Q1 $2150 5) Adjusting for full year 2013 data, we have made some minor changes to our supply and demand balances. 6) We have slightly smaller deficits forecast for 2014 (-0.22), but a slightly larger deficit for 2015 (-0.29) 9
10 LEAD - BULLISH - ONGOING SUPPLY CONSTRAINTS, ROBUST CONSUMPTION ) Lead continues to be characterised by bullish fundamentals, with ongoing supply constraints, robust consumption - which is likely to be further boosted by restocking. 3) Continuing strong automobile production and sales have boosted demand in the US and in China while recent data suggests that conditions in Europe are improving. 4) Lead demand will probably get a further boost over the coming months as restocking is likely both in the US and parts of Europe following extremely cold weather Things to watch out for this year: - High scrap availability Price 2014 $ $ $ $ Q3 $ Q4 $ Q1 $ Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 2) LME stocks are at their lowest level in just over three years and further falls are likely given the expected restocking by battery manufacturers. 4) After a balanced market in 2013 we are forecasting a deficit of 50kt for this year, and in 2015 of 160kt. Continued strong fundamentals should support price increases going forward 10
11 NICKEL TURNAROUND IN PRICES ) Although LME stocks have continued to rise to record highs, supply-driven fears have been reflected by elevated cancelled warrant numbers which now stands at 44% of total LME stocks. 2) Indonesia s ban on ore exports and possible western sanctions on Russia, potentially restricting nickel exports, have led to these fears. 3) Aside for supply issues - stronger global growth outlook is likely to drive higher nickel usage in stainless and non-stainless sectors. 4) After an increase of 7.3% in 2013 we expect global nickel consumption growth to accelerate to 8% yoy in 2014 to reach 1.99Mt ) Indonesia s ban on nickel ore exports which we expect to be enforced, is likely to shift the nickel market from structural oversupply to a balanced outcome this year Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Price 2014 $ $ $ $ Q3 $ Q4 $ Q1 $20000 Things to watch out for this year: - El Nino - Russia - Indonesia 4) Our supply/demand balances show the global nickel market essentially in balance this year but moving into a large deficit in
12 THE COMMODITY COMPASS 1. SG trade recommendations 2. Commodity market analysis 3. SG Cross Asset Research - Commodity Indices 4. Principal Component Analysis (PCA) 5. Dispersion analysis 6. Significant option trades 7. Brent & gold option open interest (OI) maps 8. Key changes/assessments across the major forward curves 9. Commodity ETP flows 10. Commodity index notional value (CFTC) 11. CFTC Commitment of trader analysis futures & options positions 12. CFTC Commitment of trader analysis number of traders 13. Short-term price forecast vs forward prices* 14. Long-term price forecast vs forward prices* 12
13 COMMODITY COMPASS RESERCH EXAMPLES 13
14 May 2014 THE END Mark Keenan Head of Commodities Research - Asia Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate to characterise it as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a research recommendation. This publication is also not subject to any prohibition on dealing ahead of the dissemination of investment research. However, SG is required to have policies to manage the conflicts which may arise in the production of its research, including preventing dealing ahead of investment research.
15 MACRO FORECASTS Source: SG Cross Asset Research 15
BASE METALS - MONTHLY
June 6, 2011 BASE METALS - MONTHLY Base metal prices ended largely lower on the back of re-emergence of concerns from the Euro-zone, weak economic data and expectation of decline in demand. European debt
More informationCopper market outlook: Transitioning to deficits
Copper market outlook: Transitioning to deficits Prepared for: Nonferrous Metals Forum of the Shanghai Derivatives Market Forum, 25 th May 27 Prepared by: Erik Heimlich, Senior Consultant, Copper Price
More informationCommodities Observing the fundamentals Written by: Dwayne Dippenaar, Research Analyst at Laurium Capital
FUNDS ON FRIDAY b y G l a c i e r R e s e a r c h 24 J u n e 2 0 1 6 V o l u m e 8 6 7 Commodities Observing the fundamentals Written by: Dwayne Dippenaar, Research Analyst at Laurium Capital The South
More informationWEEKLY COMMODITY REVIEW
WEEKLY COMMODITY REVIEW Thursday 8 th November, 2018 Base Metals Q3 2018 Review & Q4 Outlook Overview The third quarter of 2018 not surprisingly proved to be a very difficult period for the base metals
More informationBase metals fundamentals: an overview of
Base metals fundamentals: an overview of 2018-2019 Alex Harrison Editorial and pricing director, Metal Bulletin Shanghai Derivatives Market Forum Shanghai May 30 2018 Objective: to provide the world s
More informationNickel Market Outlook
22/9/215 Nickel Market Outlook Stuart Harshaw This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about
More informationArgentum Metal Management Ltd HOLGER ELLMANN PARTNER
Argentum Metal Management Ltd HOLGER ELLMANN PARTNER The macro-economic outlook Year to date YOY Aluminium demand January to September 2015 Global demand rose by 5.6 % to 43.4 Mio tonnes European demand
More informationFerrochrome Market Overview 2017
Ferrochrome Market Overview 217 Presented by: Mark Beveridge Principal Consultant CRU Nickel, Chrome, Stainless Steel Group Key Themes Which factors define the chrome market? 1. Chinese demand and the
More informationQuantifying Risk. A Look At Commodity Risk and Country Risk Interaction
Quantifying Risk A Look At Commodity Risk and Country Risk Interaction Paul Robinson Senior Economist, IHS Pricing and Purchasing Service 17 April 2013 About IHS Pricing & Purchasing The IHS Pricing &
More informationHindalco. Investor Presentation Q4 FY17 Mumbai, May 30, Excellence by Design
Hindalco Investor Presentation Q4 FY17 Mumbai, May 30, 2017 Forward Looking & Cautionary Statement Certain statements in this report may be forward looking statements within the meaning of applicable securities
More informationTransGraph Research Consulting Technology
Research Consulting Technology Agriculture Metals Energy Dairy Currency Economy Brands Medium term outlook on Lead July 217 2 Market Recap LME Lead remained weak last month but recovered towards the end
More informationMetals Outlook: The Good, The Middling & The Unlucky
Metals Outlook: The Good, The Middling & The Unlucky November 21, 217 Rory Johnston Commodity Economist Scotiabank Economics A Tale of Two Growth Stories: World Picks Up Slack of Slowing China 5 4 G OECD
More informationAlumininium: Over to China to fill the void
Article 11 April 2018 Alumininium: Over to China to fill the void Commodities Aluminium prices are up 11% since news that Rusal will be included in the US sanctions list. It s now up to Chinese flows to
More informationLead Powering ahead? Click to edit Master title style Pb 2013 Prague June 2013 Helen Matthews Delivering commercial insight
Lead Powering ahead? Click to edit Master title style Pb 2013 Prague 19-21 June 2013 Helen Matthews Agenda 1 Where is the market now? 2 Supply outlook 3 Demand outlook 4 Events to watch 5 Price outlook
More informationMONTHLY COPPER BULLETIN
MONTHLY COPPER BULLETIN December-2010 10 th January 2011 LME SETTLEMENT SELLER AND SETTLEMENT, DECEMBER 2010 LME SETTLEMENT SELLER AND SETTLEMENT, 2010 DATE OFFICIAL MARKET DATA & PRICE INDICATORS (USD/t)
More informationZinc curve is tight: The short term bear trap
Commodities Article Zinc curve is tight: The short term bear trap Zinc has swung into a deep backwardation on the LME squeezing shorts who took confidence in the apparently high availability of LME stocks.
More informationMalaysia Smelting Corporation Bhd A Global Integrated Tin Mining and Smelting Group
Malaysia Smelting Corporation Bhd A Global Integrated Tin Mining and Smelting Group 3Q 2011 Results Briefing Financial Results for 3 rd Quarter ended 30 September 2011 Kuala Lumpur - 4 November 2011 Disclaimer
More informationNickel Stocks. Introduction
INSG Insight INSG SECRETARIAT BRIEFING PAPER March 21 No.9 Nickel Stocks Introduction This report, the ninth in the series of INSG Insight briefing reports, provides members with information on nickel
More informationEnergy and Mines World Congress: Scotiabank Metals Outlook
Energy and Mines World Congress: Scotiabank Metals Outlook November 27, 217 Rory Johnston Commodity Economist Scotiabank Economics A Tale of Two Growth Outlooks: World Picks Up Slack of Slowing China 5
More informationCopper goes back to a back
Commodities Article Copper goes back to a back The LME Copper cash three-month spread has swung into backwardation for the first time since 2016. In a market where the curve takes precedence, nothing drives
More informationEurozone Economic Watch. July 2018
Eurozone Economic Watch July 2018 Eurozone: A shift to more moderate growth with increased downward risks BBVA Research - Eurozone Economic Watch July 2018 / 2 Hard data improved in May but failed to recover
More informationThe Saturday Economist UK Economic Outlook Q1 2015
The Saturday Economist The Saturday Economist UK Economic Outlook Q1 2015 Leisure and Construction driving recovery UK Economic Outlook March 2015 Page 1 The UK recovery continues. We expect growth of
More informationDaily Copper Price Outlook and Strategy
Decision enabling market analysis & price outlook Feb 02, 2015 Market Recap and Summary Outlook for next 3days LME copper, during Friday s trading session, traded in a positive note amidst a sharp short
More informationMetals take a hit but aluminium is clueless on tariffs
Economic and Financial Analysis Commodities Article Metals take a hit but aluminium is clueless on tariffs Base metals suffered losses last week as a slowdown in Chinese manufacturing deflated expectations
More informationEconomic and Portfolio Outlook 4th Quarter 2014 (Released October 2014)
Economic and Portfolio Outlook 4th Quarter 2014 (Released October 2014) Our economic outlook for the fourth quarter of 2014 for the U.S. is continued slow growth. We stated in our 3 rd quarter Economic
More informationHindalco Industries Limited. Q2 FY19 Earnings Presentation 02 nd November, 2018
Hindalco Industries Limited Q2 FY19 Earnings Presentation 02 nd November, 2018 SAFE HARBOUR Certain statements in this report may be forward looking statements within the meaning of applicable securities
More informationOpen Close High Low Daily change Change (%) Cash Settle
FICC Research Commodities: Daily 21 April 2010 Walter de Wet, CFA* Walter.De.Wet@standardbank.com Focus: Nickel spreads tightening Leon Westgate* Leon.Westgate@standardbank.com Focus: The recent surge
More information2,881. Metals mettle. Economic and Financial Analysis
Article 25 July 2017 Metals mettle Economic and Financial Analysis Commodities Strength in copper and nickel has pushed the LME metals index to a three month high. Are aluminium cuts coming? Contents Aluminium
More informationThe Aurubis Copper Mail informs you monthly about current trends on the copper market.
Copper Mail No. 133 March 2, 2016 The Aurubis Copper Mail informs you monthly about current trends on the copper market. In focus February 2016 was uneventful on the copper market and was impacted by significantly
More informationAluminium: Mind the Closing Gap
Article 6 April 2018 Aluminium: Mind the Closing Gap Commodities LME Aluminium prices have been falling faster than in Shanghai. The shrinking export arb for Chinese aluminium products reinforces our view
More informationGlobal Economic Prospects. South Asia. June 2014 Andrew Burns
Global Economic Prospects South Asia June 214 Andrew Burns Main Messages 214 Global forecast has been downgraded, mainly reflecting one-off factors Financing conditions have eased temporarily, but are
More informationLeumi. Global Economics Monthly Review. Arie Tal, Research Economist. May 8, The Finance Division, Economics Department. leumiusa.
Global Economics Monthly Review May 8, 2018 Arie Tal, Research Economist The Finance Division, Economics Department Leumi leumiusa.com Please see important disclaimer on the last page of this report Key
More informationWeekly Market Commentary
LPL FINANCIAL RESEARCH Weekly Market Commentary November 18, 2014 Emerging Markets Opportunity Still Emerging Burt White Chief Investment Officer LPL Financial Jeffrey Buchbinder, CFA Market Strategist
More informationMETALS UPDATE INDUSTRIAL METALS
INDUSTRIAL METALS! US DOLLAR WEAKENING OIL MARKET PRICE UP 2017 RECORD YEAR CHINA VERY GOOD PMI US ECONOMY TAX CUTS METALS UPDATE December 2017 performance % ALUMINIUM PALLADIUM AM PALLADIUM PM COPPER
More informationMexico Economic Outlook 3Q18. August 2018
Mexico Economic Outlook 3Q18 August 2018 Key messages Global growth continues, but risks are intensifying. The economy grew 2.1% in the first half of the year. Downward bias in our growth forecast for
More informationGlobal Economics Monthly Review
Global Economics Monthly Review January 8 th, 2018 Arie Tal, Research Economist The Finance Division, Economics Department Please see important disclaimer on the last page of this report 1 Key Issues Global
More informationSME Monitor Q aldermore.co.uk
SME Monitor Q1 2014 aldermore.co.uk aldermore.co.uk Contents Executive summary UK economic overview SME inflation index one year review SME cost inflation trends SME business confidence SME credit conditions
More informationWorld Economic outlook
Frontier s Strategy Note: 01/23/2014 World Economic outlook IMF has just released the World Economic Update on the 21st January 2015 and we are displaying the main points here. Even with the sharp oil
More informationGlobal Economic Prospects: Update Global Recovery in Transition
Global Economic Prospects: Update Global Recovery in Transition April 2015 M. Ayhan Kose 1 Global Prospects: Three Questions 1. How have global economic conditions changed since December? Broadly as expected;
More informationWeekly Copper Price Outlook and Strategy
Decision enabling cash market analysis & price outlook Feb 02, 2015 Market Recap and Summary Outlook for next 2 weeks LME Copper, during the past week, traded in a mixed range and closed slightly negative
More informationAluminium: Stakes are high for Section 232
Economic and Financial Analysis 19 February 2018 Article 19 February 2018 Aluminium: Stakes are high for Section 232 Commodities The US Commerce Department has recommended sweeping trade tariffs for US
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
More informationAustralian Dollar Outlook
Tuesday, 31 March 015 Australian Dollar Outlook Still Under Pressure We have revised our AUD forecasts for this year down slightly to reflect developments over recent months. We now expect the AUD to end
More informationFundamental Calls. Commodity, Currency & IRF Trading Calls. Visit us at For Private Circulation only.
Visit us at www.sharekhan.com May 07, 2015 Fundamental Calls Fundamental Currency Call 5/1/2015 Buy NSE JPYINR at 53.75 stop loss 53.35 target 54.2/54.4 Weakness in DX after Soft Economic Data, BOJ Maintains
More informationASEAN Insights: Regional trends
ASEAN Insights: Regional trends January 2017 1. Global trends GLOBAL ECONOMY AND EQUITY MARKETS ENTER 2017 ON A STRONG NOTE DESPITE GEOPOLITICAL UNCERTAINTIES The global economy entered 2017 on a strong
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION JUNE 2018 RIYADH, SAUDI ARABIA JUNE 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS ON
More informationLME Daily Metals Report
As of 9/7 CU AL PB ZN NI SN NAA High LOW CLOSE CSH/3 LME STOCKS - CH SUP RESIS RSI VOL O/I ( 000) 10 40 100 MAV MAV MAV 5208 5081 5148 15 346200 (-6125) 4855 5363 49 38,030 329 5093 5227 5689 1627 1595
More informationUPDATES. in the last. breach the. June. The. support. decisively. fall below. since 2014.
VITAL INDUSTRY UPDATES Nickel gives up its gains - 24/08/2015 Nickel, like other base metals, has suffered a major price correction in the last one year. The price of nickel has tumbled over 40 per cent
More informationTransGraph Research Consulting Technology
Research Consulting Technology Agriculture Metals Energy Dairy Currency Economy Brands Medium term outlook on Zinc July 217 2 Market Recap LME Zinc traded higher in June supported by prevailing supply
More informationGlobal commodity outlook by the World Bank and its highlights
Frontier s Strategy Note: 01/30/2015 FRONTIER Securities Global commodity outlook by the World Bank and its highlights The World Bank has recently released the January/2015 edition of Commodity Markets
More informationMetals Prices& Mining Stocks. What to watch out for into 2010
Metals Prices& Mining Stocks What to watch out for into 2010 Sydney June 2009 Allan.trench@crugroup.com 31 Mount Pleasant, London WC1X 0AD UK Tel +44 20 7903 2000 www.crugroup.com Top Resources Stocks
More informationWiktor Bielski, VTB Capital. Speculators or fundamentals who drives the copper price?
Wiktor Bielski, VTB Capital Speculators or fundamentals who drives the copper price? Copper has a long history of speculative trading The most common question from investors interested in commodities over
More informationIndonesia Economic Quarterly Launch Jakarta, March 18, Jim Brumby Sector Manager and Lead Economist
Indonesia Economic Quarterly Launch Jakarta, March 18, 214 Jim Brumby Sector Manager and Lead Economist MARCH 214 IEQ: INVESTMENT IN FLUX Fixed investment: subdued, and risks Risks to fiscal space needed
More informationIndonesia Economic Quarterly, July 2014 Hard choices. Ndiamé Diop Lead Economist
Indonesia Economic Quarterly, July 214 Hard choices Ndiamé Diop Lead Economist The new administration will face major near-term challenges Fiscal pressures Economic growth Poverty and inequality reduction
More informationSPECIAL MONTHLY REPORT ON BASE METALS
SPECIAL MONTHLY REPORT ON BASE METALS FEBRUARY 2018 COPPER NICKEL LEAD ZINC ALIUMINUM BASE METALS PERFORMANCE (January 2018) (% change) Nickel 4.86 5.94 10.56 Lead 1.78 5.17 4.44 Aluminium -4.65-3.00-0.76
More informationEconomy and industry at glance. Key business highlights. Operational and financial review. Aluminium (India) Copper Novelis
2 Economy and industry at glance Key business highlights Operational and financial review Aluminium (India) Copper Novelis 3 Global Economy Uncertain Times, Easy money rules US outlook mixed, Advance Estimates
More informationOpen Close High Low Daily change Change (%) Cash Settle
FICC Research Commodities: Daily 17 September 2010 Focus: Copper makes the next leg higher Walter de Wet, CFA* Walter.DeWet@standardbank.com Leon Westgate* Leon.Westgate@standardbank.com Focus: Copper
More informationLatest Macroeconomic Projections - May Vice-Governor Anita Angelovska-Bezhoska
Latest Macroeconomic Projections - May 2018 - Vice-Governor Anita Angelovska-Bezhoska May, 4 2018 Contents Key assumptions on external and domestic environment Macroeconomic scenario 2018-2019 Comparison
More informationUC RUSAL ANNOUNCES RESULTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2012
Press-release UC RUSAL ANNOUNCES RESULTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2012 Moscow, 12 November 2012 UC RUSAL (SEHK: 486, Euronext: RUSAL/RUAL, Moscow Exchange: RUALR/RUALRS), the world
More informationMining Monitor (May 2018)
Mining Monitor (May 2018) Strategic Research Division 11 May 2018 MUFG Bank, Ltd. MUFG Union Bank, N.A. Table of Contents 1. Overview 3 2. Iron Ore 5 3. Coal 8 4. Copper 11 6. Nickel 17 7. Zinc 20 8. Gold
More informationMCX DAILY REPORT REVENUE MAKER FINANCIAL SERVICES 12/4/2019
2019 MCX DAILY REPORT REVENUE MAKER FINANCIAL SERVICES 12/4/2019 MARKET UPDATE BULLIONS Bullion counter may witness some profit booking at higher levels. Gold on Thursday hovered near a two-week peak touched
More informationCommodities Forecast Update Weakness awaits rest of 2014
Investment Research 15 October 2014 2014 Commodities Forecast Update Weakness awaits rest of 2014 Key themes Oil A markedly stronger dollar and concerns about the outlook have weighed on demand for commodities
More informationSPECIAL MONTHLY REPORT ON
SPECIAL MONTHLY REPORT ON BASE METALS MARCH 2018 COPPER NICKEL LEAD ZINC ALIUMINUM BASE METALS PERFORMANCE (February 2018) (% change) Nickel 1.90 1.81 4.33 Lead -3.56-2.00-1.08 Aluminium -2.97-1.11-0.89
More informationReview of the Economy. E.1 Global trends. January 2014
Export performance was robust during the third quarter, partly on account of the sharp depreciation in the exchange rate of the rupee and partly on account of a modest recovery in major advanced economies.
More informationJSW Steel Limited Q1 FY Results Presentation July 25, Better Everyday
JSW Steel Limited Q1 FY 2018-19 Results Presentation July 25, 2018 Better Everyday 1 Key highlights Q1 FY19 Standalone performance Crude Steel production: 4.11 million tonnes, up by 5% YoY Saleable Steel
More informationWeekly Market Update. MCX Commodities Week-on-week pct change. Monday, April 02, Lead. Aluminium. Nickel Zinc Copper Natural Gas
MCX Commodities Week-on-week pct change Lead 2.28 Aluminium -2.62 Nickel Zinc Copper Natural Gas 2.54 1.81 0.78 6.15 Crude Silver Gold -0.75-1.42-1.61-4.00-3.00-2.00-1.00 0.00 1.00 2.00 3.00 4.00 5.00
More informationLeumi. Global Economics Monthly Review. Arie Tal, Research Economist. July 12, Capital Markets Division, Economics Department. leumiusa.
Global Economics Monthly Review July 12, 2018 Arie Tal, Research Economist Capital Markets Division, Economics Department Leumi leumiusa.com Please see important disclaimer on the last page of this report
More informationQuarterly Metals Report April 2016 Analysis & Forecasts for Base & Precious Metals, Iron Ore & Steel
MARKETING COMMUNICATION Quarterly Metals Report Analysis & Forecasts for Base & Precious Metals, Iron Ore & Steel Contents Market Overview 2 Aluminium 6 Copper 8 Lead 10 Nickel 12 Tin 14 Zinc 16 Iron Ore
More informationCHINA S ECONOMY AT A GLANCE
CHINA S ECONOMY AT A GLANCE APRIL 218 CONTENTS Key points 2 Gross Domestic Product 3 Industrial Production 4 Investment 5 International trade - trade balance and imports International trade - exports 6
More informationOutlook for Economic Activity and Prices
Not to be released until : p.m. Japan Standard Time on Saturday, October 31, 15. October 31, 15 Bank of Japan Outlook for Economic Activity and Prices October 15 (English translation prepared by the Bank's
More informationCorporates Outlook: Non-Ferrous Metals and Mining. Over supply and inventory build-up weighs down prices STABLE STABLE TO NEGATIVE
214 Outlook: Non-Ferrous Metals and Mining Over supply and inventory build-up weighs down prices Outlook Report Metal and Mining (Non-ferrous) Rating Outlook STABLE Stable Outlook: India Ratings & Research
More informationGLOBAL OUTLOOK ECONOMIC WATCH. July 2017
GLOBAL OUTLOOK ECONOMIC WATCH July 2017 Positive global outlook, with projections revised across areas The global outlook remains positive. Our BBVA-GAIN model estimates global GDP growth at 1% QoQ in,
More informationMONTHLY UPDATE SEPTEMBER 2017
MONTHLY UPDATE SEPTEMBER 2017 September 2017 "I am a better investor because I am a businessman and a better businessman because I am an investor. - Warren Buffett Equity Markets Indices 31 st Aug 2017
More informationMONTHLY COPPER BULLETIN
MONTHLY COPPER BULLETIN November-2010 02 nd December 2010 LME SETTLEMENT SELLER AND SETTLEMENT, NOVEMBER 2010 LME SETTLEMENT SELLER AND SETTLEMENT, 2010 OFFICIAL MARKET DATA & PRICE INDICATORS DATE (USD/t)
More informationUC RUSAL ANNOUNCES 2017 SECOND QUARTER AND INTERIM RESULTS
Press-release UC RUSAL ANNOUNCES 2017 SECOND QUARTER AND INTERIM RESULTS Moscow, 25 August 2017 UC RUSAL (SEHK: 486, Euronext: RUSAL/RUAL, Moscow Exchange: RUAL), a leading global aluminium producer, announces
More information8th June The Week That Was
8th June 2015 The Week That Was US monetary policy remains the largest headwind for gold In essence, the lack of a clear price direction recently reflects the uncertainty about the timing and scale of
More informationCopper: What s it going to take to flip the curve?
Economic and Financial Analysis Commodities Article Copper: What s it going to take to flip the curve? The street has turned increasingly bullish on copper for 2018. We see the rationale but need to yet
More informationOutlook for Economic Activity and Prices (January 2018)
Outlook for Economic Activity and Prices (January 2018) January 23, 2018 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue expanding on the back of highly accommodative financial
More informationAlcoa s Perspective on Global Aluminum Platts Aluminium Symposium January Greg Wittbecker, Vice President, Alcoa Materials Management
Alcoa s Perspective on Global Aluminum Platts Aluminium Symposium 2012 16 January 2012 Greg Wittbecker, Vice President, Alcoa Materials Management Cautionary Statement Forward-Looking Statements This presentation
More informationCommodity 30-Day Price Chart Commodity Prices Commodity Developments
WEEKLY ECONOMIC REVIEW Commodity 30-Day Price Chart Commodity Prices Commodity Developments 1,345 1,315 1,285 1,255 1,225 Gold Prices $/oz Daily US$/oz WoW % 14-Feb-14 1,320 17-Feb-14 1,328 18-Feb-14 1,321
More informationWeakness around the corner
Weakness around the corner Sector Advisory ABN AMRO Group Economics ABN AMRO Sector Advisory Monthly Commodity Update price outlook for commodity markets 1 All commodities Energy / Precious / Industrials
More informationThe Oil Market s Mixed Price Signals
May The Oil ket s Mixed Price Signals OXFORD ENERGY COMMENT Bassam Fattouh Jan 02, Jan 09, Jan 16, Jan 23, Jan 30, 06, 13, 20, 27, 06, 13, 20, 27, 03, 10, 17, 24, May 01, May 08, Recent movements in oil
More informationBase & Precious Metals Performance October 2, November 24, Oct 12-Oct 23-Oct 1-Nov 10-Nov 21-Nov.
Siddharth Rajeev, B.Tech, MBA Analyst srajeev@researchfrc.com November 28, 2006 Investment Analysis for Intelligent Investors Fundamental Metals Monthly Commodity Market Becomes Less Volatile Sector/Industry:
More informationMONTHLY UPDATE NOVEMBER 2018
MONTHLY UPDATE NOVEMBER 2018 November 2018 A champion is defined not by their wins but by how they can recover when they fall. Equity markets - Serena Williams Indices 31 st Oct 2018 30 th Nov 2018 1 Month
More informationPREVIOUS PRICE PREMIUM IN USD/TONNE
ALUMINIUM Japan P1020A cif 105 102 Japan P1020A cif 95-110 95-110 Shanghai P1020A in-whs 90-100 90-100 Premium stable in quiet market with tight LME spreads and financial year-end capping upside. Some
More informationCommercial Cards & Payments Leo Abruzzese October 2015 New York
US, China and emerging markets: What s next for the global economy? Commercial Cards & Payments Leo Abruzzese October 2015 New York Overview Key points for 2015-16 Global economy struggling to gain traction
More informationJANUARY 24, 2018 ALUMINIUM
ALUMINIUM Japan P1020A cif 100 98 Japan P1020A cif 95-110 95-105 Shanghai P1020A in-whs 90-100 90-100 Shanghai P1020A cif 95 95 Same as bonded Shanghai. Shanghai P1020A cif 90-100 90-100 Taiwan P1020A
More informationMarket Watch. Latest monthly commentary from the Investment Markets Research team at BT. March Review Developments in Financial Markets
Market Watch Latest monthly commentary from the Investment Markets Research team at BT. March Review 2018 INSIDE THIS ISSUE Stock markets were blindsided on the first day of March, when US President Donald
More informationMINERALS & ENERGY OUTLOOK
MINERALS & ENERGY OUTLOOK JULY 218 Key Points NAB s USD non-rural commodity price index declined by over 3% q/q in Q2 218. This only partially reversed the large gain made in the previous quarter and,
More informationSOYBEAN COMPLEX SPRING OUTLOOK
30 141 W. Jackson Boulevard THE HIGHTOWER REPORT FUTURES ANALYSIS & FORECASTING Suite 4002 Chicago, Illinois 60604 312-786-4450 / 800-662-9346 www.futures-research.com Special Report SOYBEAN COMPLEX SPRING
More information> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationMain Economic & Financial Indicators Poland
Main Economic & Financial Indicators Poland. 6 OCTOBER 2015 NAOKO ISHIHARA ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44-(0)20-7577-2179 E naoko.ishihara@uk.mufg.jp The Bank of Tokyo-Mitsubishi UFJ,
More informationOutlook for Economic Activity and Prices (April 2018)
Outlook for Economic Activity and Prices (April 2018) The Bank's View 1 Summary April 27, 2018 Bank of Japan Japan's economy is likely to continue growing at a pace above its potential in fiscal 2018,
More informationGold, Mines & Natural resources Towards a rally after the Fed's decision? - Arnaud du Plessis - CPR AM
DECEMBER 2017 Gold, Mines & Natural resources Towards a rally after the Fed's decision? - Arnaud du Plessis - CPR AM Arnaud du Plessis - Senior Portfolio Manager, Global Thematic Equities, Natural Resources
More informationECONOMIC RECOVERY AT CRUISE SPEED
EBF Economic Outlook Nr 43 May 2018 2018 SPRING OUTLOOK ON THE EURO AREA ECONOMIES IN 2018-2019 ECONOMIC RECOVERY AT CRUISE SPEED EDITORIAL TEAM: Francisco Saravia (author), Helge Pedersen - Chair of the
More informationEconomic Watch. What do China s growth outlook and policy outlook mean for commodity demand? China
Economic Watch China Hong Kong, November 3, Economic Analysis Asia Fielding Chen Senior Economist fielding.chen@bbva.com.hk Stephen Schwartz Chief Economist for Asia stephen.schwartz@bbva.com.hk George
More informationOutlook for Economic Activity and Prices (October 2017)
Outlook for Economic Activity and Prices (October 2017) October 31, 2017 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue expanding on the back of highly accommodative financial
More informationEU steel market situation and outlook. Key challenges
70th Session of the OECD Steel Committee Paris, 12 13 May 2011 EU steel market situation and outlook http://www.eurofer.org/index.php/eng/issues-positions/economic-development-steel-market Key challenges
More informationSituación España 1T16. 1 st QUARTER. Situación. Españ. Economic Outlook. Latin America
Situación España 1T16 Situación 1 st QUARTER Españ Economic Outlook Latin America Latam outlook / February The global economy will continue to grow. but more slowly and with more risks. Uncertainty about
More informationEmerging Markets Weekly Economic Briefing
21 Emerging Markets Emerging Markets Weekly Economic Briefing Recession looms for some emerging economies Several major emerging economies struggling with domestically-induced problems are now in, or flirting
More information