ING commodities outlook 2022: Keeping the faith

2022 looks as though it's going to be another great year for global commodities, at least for most. From oil to gas to metals to coffee, here's your complete guide to global commodity prospects in the coming twelve months

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Commodities Outlook 2022: Keeping the faith

Commodities, Food & Agri

Energy

Commodities Outlook 2022: Keeping the faith

'Let the good times roll' was our message coming into 2021 and the commodities complex did not disappoint. In fact, markets exceeded our…

Commodities, Food & Agri

Energy

Back to surplus for oil

Oil has had a strong year as recovering demand and cautious output policy from OPEC+ have ensured inventories continued to decline through the year. Both…

Energy

A mixed bag for refined products

Refined products have had a strong year due to recovering demand and falling inventories. We expect that refinery margins will trend higher over 2022 as…

Commodities, Food & Agri

Energy

European gas tightness to persist

The natural gas market has been the star performer within the commodities complex, particularly spot Asian LNG and European natural gas. Inventories in…

Commodities, Food & Agri

Aluminium to slip into a deeper deficit

Slower growth in primary aluminium production and strong consumption suggest the aluminium market will see a larger deficit over 2022. This deficit,…

Commodities, Food & Agri

A delicate balance for copper

Copper prices could slip moderately in 2022 given the overall global macro picture. But given supply constraints and its appeal to investors as the key…

Commodities, Food & Agri

A matter of class in the nickel market

The primary nickel market could swing back to surplus in 2022, but a structural deficit in the Class 1 market may remain sticky. This, compounded with low…

Commodities, Food & Agri

Gold markets are looking exhausted

With the Fed ready for policy rate lift-off and global liquidity conditions gradually tightening, headwinds from rising US real yields may result in a…

Commodities, Food & Agri

Iron ore market to continue rebalancing

Iron ore demand has bone the brunt of deep cuts in the Chinese steel sector. However, with supply continuing to improve, the seaborne iron ore market is…

Commodities, Food & Agri

Wheat tightness to ease

CBOT wheat has traded to the highest levels since 2012 as expectations for 2021/22 global ending stocks have been consistently lowered through the year.…

Commodities, Food & Agri

Coffee volatility to linger

Coffee has had an explosive year due to the impact of drought and frost on the Brazilian crop. Supply chain bottlenecks have also helped push the market…