COMEX copper peaked at $4.30/lb on February 24, up a remarkable 103% since its late-March 2020 lows. Since then it has traded mostly sideways, but recently perked up and is nearing its February top. Our Commodity &…
Highlights Stronger global growth in the wake of continued and expected fiscal and monetary stimulus, and progress against COVID-19 are boosting oil demand assumptions by the major data suppliers for this year. We lifted our…
Highlights Continued upgrades to global economic growth – most recently by the IMF this week –will support higher natgas prices. In our estimation, gas for delivery at Henry Hub, LA, in the coming withdrawal season (…
Highlights The Biden Administration's $2.25 trillion infrastructure plan rolled out yesterday will, at the margin, boost global demand for energy and base metals more than expected later this year and next. Global GDP growth…
The BCA Research Global Asset Allocation (GAA) Forum will take place online on May 18th. We have put together a great lineup of speakers to discuss issues of importance to CIOs and asset allocators. These include the latest thinking…
Last October, we highlighted a tactical opportunity to go long Brent / short copper. The argument then was that although the long-term outlook is likely to favor copper, fundamentals as wells as relative net speculative positions…
Highlights The recent backup in bond yields could cause stocks to fall further in the near term. However, history suggests that as long as yields remain low in absolute terms, as they are now, equities will recover. Market angst that…
BCA Research’s Commodity & Energy Strategy service concludes that over the short term – to the end of 2022 – oil and base metals will appear to be in the early stages of a commodity super-cycle. But, upon…
Highlights As the global economy ex-China recovers from COVID-19, pent-up demand for consumer goods like cars and appliances will lift demand for stainless steel, which, in turn, will push up prices for the nickel required to make it (…