Expert base, precious and ferrous metal insights
We produce two regular metal outlook reports. Our daily base metals analysis concentrates on the daily LME trading activity and any macroeconomic impacts and trends. Our benchmark Quarterly Metals Report provides an in-depth analysis of the base, precious, and ferrous metal markets and includes our outlook per metal for the months ahead.
Our metal market outlook reports leverage our expertise and position within the metals markets. As a Category 1 member of the London Metal Exchange (LME) and as a member of COMEX and the London Bullion Market Association, we execute and clear a significant proportion of market activity.
Quarterly Metals Report
Our quarterly metals report provides expert analysis and price forecasts for base, precious and ferrous metals, providing metal industry participants with actionable insights.
This in-depth report includes reviews of the macroeconomic environment and outlook for the global economy, central bank activity, analysis of manufacturing PMIs and geo-political influences.
Report highlights are also presented at our quarterly metal market webinars by our research team and an expert from our industrial commodities team, providing broker insights.
The global economy performed better than expected so far in 2023, but concerns about a cold winter, rising oil prices, high borrowing costs, and China's economic slowdown are looming large. Central banks are maintaining the narrative of higher-for-longer interest rates due to persistent higher prices, which has weighed on base and precious metals' performance. Despite pledges from Beijing to support the economy, current measures are not expected to have an immediate impact on the real estate sector, which means that there is unlikely to be a large-scale property development that would increase demand for stainless steel prices in the last quarter of the year. Nonetheless, the cumulative impacts of policy support and a dovish monetary policy in China should create a solid foundation for the economy to recover in 2024. Such a transition should push the sentiment from the oversold into neutral. News out of China and the US should bring stronger bounds of volatility in base metals’ performance in Q4 2023.
In the previous quarter, expectations shifted from a pause in the central bank tightening cycle to further rate increases in July and potentially later in Q4 2023. As we move away from central bank-centric rhetoric, economic growth and consumer performance will be key in driving the risk sentiment across the board. Still, China's stimulus outlook remains critical to the longer-term narrative for metals this quarter. Sentiment has been improving as signs emerged that regulators are working to follow through on the promises made at the most recent Politburo meeting. However, markets remain cautious about the scale of support, and any positive news seems short-lived. As a result, the positive stimulus is more likely to solidify support levels than boost bullish sentiment in the near term.
Daily Base Metals Analysis
Our daily base metals reports summarise the day's trading activity for the LME and other key base metal markets. In addition, we provide an overview of the day's significant macroeconomic trends, including relevant energy and precious metals commentary. The report also incorporates base metals pricing data, including LME closing prices.
For longer-term analysis and outlooks, our research team also produce our Quarterly Metals Report, which covers base, precious and ferrous metals.
Our daily commentary, covering market news and closing prices of LME aluminium, copper, lead, nickel, tin, zinc, iron ore, steel, and precious metals.
We will email you each time a new report has been published.