ING’s Commodities Outlook 2021
The coronavirus crisis wreaked havoc across the commodities complex in 2020. However, we're already seeing a remarkable recovery which began in the…
We hold a constructive view on oil. OPEC+ cuts, along with a continued recovery in demand, should mean that the market draws down inventories over 2021.…
Refined product cracks have been under pressure considerably this year, led by jet fuel. However with demand set to continue recovering over 202 along…
Covid-19 and the ramping up of LNG export capacity has weighed on gas markets this year. However, with demand recovering, and limited further export…
Thermal coal prices have traded down to more than a decade low this year, given the large scale industry shutdowns during the peak of lockdowns and a weak…
Aluminium demand is expected to return to growth next year for the market excluding China, while a weaker USD should also prove supportive. However, the…
We expect a synchronised recovery in copper demand from both China and other economies next year. Energy transition-related copper demand is set to…
The short term bull case of supply tightness, coupled with strong Chinese demand, has pushed iron ore prices to multi-year highs, which may continue into…
A vaccine is unlikely to end gold’s cyclical bull run in 2021. Rising inflation expectations, lower real yields, a weaker dollar and a likely…
China has increased agricultural imports this year for several reasons, and it appears as though these strong purchases are set to continue into 2021,…
The increase in buying we have seen from China, along with the strength in soybean prices means that we are likely to see soybean area continue to grow in…
Tags
Download
Share
