All Posts

Geopolitical tensions and LNG competition are straining global energy and commodity markets, exposing vulnerabilities in Europe’s gas supply, power pricing, carbon policy, and strategic metals.

Markets close higher in energy and metals as uncertainty around U.S. policy, LNG flows and duration risk drives volatility without triggering systemic panic.

Copper prices are pricing in accelerated AI infrastructure demand, yet grid expansion and hyperscaler capex point to steady execution. Strategic long, tactical caution.

The Supreme Court’s IEEPA ruling reshapes U.S. tariff policy, shifting focus from broad executive power to sector-specific investigations under Sections 232 and 301.

U.S. tariffs face mounting legal and political pressure as Congress challenges emergency powers under IEEPA and the Supreme Court reviews whether the statute permits tariffs, with major implications for refunds and future trade policy.

Governments are turning critical-materials stockpiles into a supply-chain policy tool. This article compares the U.S. “Project Vault,” China’s opaque reserves model, and the EU’s gaps—highlighting the unresolved challenge of who ultimately pays the cost of carrying inventory.

Market stress across base and precious metals highlights liquidity constraints, concentrated positioning, and the growing role of administrative control in shaping price action.

Rising interest in hard assets as investors pivot to metals amid dollar debasement fears, scarcity themes, and a long-term case for gold, copper and silver.

US Henry Hub surged on freeze-offs that cut nearly 10% of production, pushing prompt futures above $6 for the first time since 2022. LNG feedgas risk and low EU storage drove Dutch TTF higher despite milder forecasts.

Davos reinforced a new risk narrative: fragmentation, sticky inflation, and geopolitical strain. Markets signalled shifting confidence, a softer USD, stronger gold and silver, resilient equities, and renewed focus on secure supply chains.

The aluminium market is entering a phase where infrastructure and system design matter as much as resource availability. Power systems, carbon policy, and trade rules are fragmenting what was once a single global market into multiple constrained pools of supply. This note examines where those constraints originate and how they shape aluminium pricing and availability.

Maduro’s arrest revived Venezuela oil optimism, but diluent shortages and degraded infrastructure cap near-term supply. Canada stays the USGC base load; SAGD is the upside.

Tin prices above $52,000/t are rising even as exchange inventories build. The market’s pricing power sits in China’s midstream processing chain, where regulatory risk, smelter decisions, and buffer-building can outweigh warehouse signals.

Policy risk, geopolitics, and structural AI investment shaped markets in 2025, yet returns were resilient. Explore the year’s defining themes across equities, rates, oil, and gold, plus a detailed month-by-month timeline.

Explore a curated 2026 gold, silver and copper mining M&A target list, with potential bidders and concise deal theses, plus expandable deep-dives on each company.

Copper prices have surged into early 2026 on macro rotation and systematic flows rather than near-term physical tightness. With Chinese inventories rising, spot premiums weakening, and the CME–LME arbitrage fading, market mechanics look increasingly misaligned.

Nickel has rallied ~30% into the high-$18k range on systematic short-covering and futures-led flows, not tightening fundamentals—making $19–20k a likely exhaustion zone.

As we enter the beginning of a new year, it is necessary to assess which elements of our market analysis and expectations remain valid for 2026 and which themes and fundamentals are genuinely actionable.

Copper has delivered one of its strongest years in more than a decade as prices rose by more than one third in 2025 and have now reached record levels above $13,000 per tonne.

Silver’s reclassification as a critical mineral and a structurally undersupplied market have triggered a powerful price rally and a wave of consolidation across the mining sector. As silver prices more than doubled in 2025, producers increasingly favoured M&A over greenfield development, snapping up high-grade assets in safe jurisdictions, particularly across North America and Mexico.