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16/10/25 Commentators are increasingly focused on the upcoming U.S. court ruling expected on November 5, which will address the legality of certain tariff measures imposed during the Trump administration. Given the attention this case is receiving, it may be helpful to clarify the origin and legal foundations of the various tariff regimes currently in force. While headlines may suggest a sweeping rollback of the Trump-era tariff architecture, the actual scope of the case is c

15/10/25 Preface The New Metals Standard explores the return to tangible value in a world of shifting monetary order and industrial transformation. Metals that once defined civilisation’s progress are re-emerging as investable expressions of both defence and growth. Each volume will examine one “sleeve” within this framework. The series begins with gold, the monetary anchor; before moving through silver, the bridge between value and utility; and into the industrial suite of c

28/09/25 Tin prices have rallied back above $35,000/mt, supported by renewed supply concerns. Indonesia: President Prabowo’s order to close 1,000 illegal mines in Bangka Belitung and cut smuggling routes has triggered the latest price rally, with futures quickly layering in a risk premium. The scale of the operation is unprecedented, but sustaining enforcement across vast offshore dredging grounds will be a major challenge. Historically, raids in Bangka have disrupted flows

05/09/25 Exorbitant Privilege sounds like the most wonderful ice cream flavour, but the phrase, coined by French finance minister Valéry Giscard d’Estaing, describes America’s ability to run persistent deficits while still borrowing cheaply in global markets. For decades, this privilege has rested on the dollar’s dominance and the world’s willingness to keep holding U.S. debt. The question now is whether that cone can continue to hold the frosted confection over the next 6 to

30/08/25 Market Structure COMEX copper inventories remain elevated, with the latest reported level above 238,000 MT. In the aftermath of unexpected tariff policy announcements, the forward curve remains sufficiently in contango to be close to full carry economics, somewhere in the order of $40-50 MT/month. The incentive to move metal back into the LME system is unlikely to gain traction absent an arb discount of $300 - 400/MT, or other compelling factors yet to emerge. On the

LME copper prices pushed higher this week, approaching the $10,000 per ton threshold supported by signs of tightening global supply and a rebound in Chinese demand.

Whether through tariff risk, delivery restrictions, specification gaps, or regulatory divergence, metals markets are no longer bound by single-price logic.

01/06/25 Whether through tariff risk, delivery restrictions, specification gaps, or regulatory divergence, metals markets are no longer bound by single-price logic. The edge now lies in also understanding the real flow of usable metal combined with visibility on money flows. Origin, regulation, and grade matter more than ever - price discovery starts with physical insight. Global metals markets are undergoing a phase shift in structure. The U.S. is expanding its tariff net un

The FTSE 100 rose by 3.3% in May to reach a two-month high of 8,786 points. The spring rebound was supported by a combination of policy shifts.

29/04/25 Equity markets are currently trying to put in a bottom - perhaps the beginnings of a deal or understanding are emerging. Even if that proves to be the case, what began as a multilateral tariff conflict has hardened into a direct U.S./China confrontation — one centred not on trade deficits, but on control over infrastructure and flows defining commerce. Ports, shipping lanes, infrastructure control, and regulatory pressure are the real levers of power. With formal tar