Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul><li>Welcome to another one of our short nuggets, where it’s all about the charts and short conclusions! Today we will briefly dig into the world of commodity inventories, which despite tightness doesn’t seem to matter unless demand surprises positively to the upside.</li><li>Something tells us that’s exactly what’s gonna happen.</li><li>We will mainly focus on industrial metals and grains, whereas energy inventories will be covered in our weekly Energy Cable / EIA Watch.</li></ul>

Welcome to another one of our short nuggets, where it’s all about the charts and short conclusions! Today we will briefly dig into the world of commodity inventories, which despite tightness doesn’t seem to matter unless demand surprises positively to the upside.Something tells us that’s exactly what’s gonna happen.We will mainly focus on industrial metals and grains, whereas energy inventories will be covered in our weekly Energy Cable / EIA Watch.

Inventory Nugget – How Are World Inventories in Metals and Grains Looking?