ING’s 2020 Commodities Outlook

From black gold to real gold, sugar to sulphur, we look at how the commodity markets will develop and change throughout 2020

In this bundle

Commodities Outlook: A little less fundamental, a little more action

2019 has been a year where broader trade and macro concerns have dictated price direction for most of the commodities complex. Given that we are entering…

OPEC+ to take more action in 2020

Deeper cuts announced by OPEC+ in December should do a good job in supporting oil prices around current levels over the first quarter. But we still think…

Shipping to face the sulphur shakeup

The implementation of the International Maritime Organization's new sulphur regulations will lead to significant shifts in the demand outlook for…

Aluminium to stay lower for a little longer

The global aluminium market could return to surplus in 2020 amid growth in supply. Demand, however, isn't keeping up and a raw material surplus is…

Iron ore supply to normalise

Expect further pressure on iron ore prices in 2020. More supplies from Brazil and higher shipments from Australia mean we're expecting a softening to…

Nickel’s high volatility to remain on the cards in 2020

The global nickel market is likely to tighten next year not least because of Indonesia's ban on nickel ore exports. There does seem to be an issue…

LNG to remain under pressure

The liquified natural gas market has been under pressure this year as a ramping up of export capacity and slower demand growth in Asia led to a surplus…

Coal weakness to persist

Cheap LNG and a strengthening carbon market in Europe have been weighing on coal prices. Those themes will continue throughout 2020, keeping the coal…

Precious metals’ golden year to continue

Demand for gold as a safe-haven is likely to remain strong in 2020, but lacklustre physical demand could cap gains. Palladium continues to outperform, and…

Softs to face tighter fundamentals; key risks remain

Softs had a strong last quarter. We expect these markets will see tighter fundamentals going into 2020, which should support prices. However, the key risk…

Soybeans to remain the trade hostage

The outlook for soybeans, as the title suggests, will mostly be dependent on how trade talks progress, as has been the case since early 2018. Any deal…