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The current European marketplace is so tight that UK consumers simply accepted March’s 35% import tariff on Russian deliveries. The only growth in primary aluminum output has been in the Middle East and Asia, where power costs are relatively low. There’s no denying t...
The sanctions imposed on the Russian government and companies, along with countermeasures by Russian authorities, have caused further disruption to commodity markets and contributed to rising prices. Sanctions against Russia, along with countermeasures by Russian authorities and self-...
Russia’s invasion of Ukraine has sent shock waves throughout global metals markets. However, it’s important to remember that the most consistent longer-term driver of metal prices is Chinese demand. Recent PMI and flash data suggests that Chinese consumption is falling a...
We see specific themes in commodities that could benefit from the transition to a low carbon economy. On average, since 1997, commodities have historically outperformed the S&P 500 in the first 12 months after the beginning of a rate hiking cycle. Investors are increasingly us...
Commodities exposure, designed carefully, can provide effective inflation defense and portfolio diversification. After nearly a decade of struggles and underinvestment, the supportive infrastructure and supply for many commodities have become strained. Commodities don’t all...
The year 2021 saw climate change and carbon took centre stage in the sustainability agenda. Circular inputs involve replacing existing linear materials and supplies with inputs that have been and can be recycled. Products can reach the end of their lifespan through a range of even...
Australia’s decision to halt exports of alumina to Russia is likely to further strangle Russia’s aluminum production. Australia has banned the export of key raw materials to Russia, including alumina and bauxite. Even before the invasion, stockpiled aluminum was ship...
Inflationary pressures were sustained in February, with the number of manufacturing firms worldwide reporting higher prices for raw materials nearly 4.5 times higher than normal. Comparisons of benchmark pricing data against Price Pressure Indicators derived from Manufacturing PMI sur...
The market dislocation between London and Shanghai has pushed more than 30kt of primary aluminium exports out of Chinese bonded zones. A sudden surge in alumina is also possible but unlikely to be sustained. Exports of alumina from China are possible, as seen back in 2018, but any...
The economic implications of Russia’s war are potentially large and global. Domestic Chinese spending will be hit, owing to higher petrol and food prices that dampen consumption. Russia and Ukraine account for 14% of global wheat production and 30% of global wheat exports. ...