Metal Movers: The Global Aluminium Supply Squeeze
The episode examines the tightening global aluminium market caused by the Israel‑Iran conflict, highlighting how European buyers now prioritize supply security over sustainability, with LME stocks at historic lows and contracts in backwardation. In the U.S., concerns mirror Europe as the 50% Section 232 tariff and limited prime supplies drive up premiums, while imports from the Middle East temporarily buffer demand but are expected to wane. Analysts forecast a near‑term deficit of up to two million tonnes, suggesting further price and premium spikes unless new supply from Indonesia or a resolution of the Strait of Hormuz disruption materializes. Guests Jethro, Jenna, and Alex provide market‑side expertise, emphasizing that demand destruction is unlikely in the short term despite elevated costs.
Energy, Minerals, and the Physical Stack Behind AI
In this episode, Turner Caldwell of Mariana Minerals and Drew Begalino of Heron Power discuss how America’s AI and industrial future depends on revamping the physical stack of critical minerals, energy generation, and grid infrastructure. They explain their Tesla‑inspired, software‑first...
Tuesday: Eyes on Australia Budget for Household Help
The episode covers three main topics: the upcoming Australian federal budget and its potential cost‑of‑living measures, rising oil prices after Donald Trump dismissed Iran’s peace‑talks offer, and a deep‑dive on how the Middle‑East conflict threatens aluminium supply, given the region’s...
Fertilizer Matters EP49: Middle East Conflict - The Potash Market Anomaly
In this episode, Argus senior editor Mike Nash talks with global potash editor Julia Campbell about how the Middle East conflict is affecting the potash market. While direct supply of MOP (mineral oil‑based potash) remains stable, higher oil and gas...
Global Commodities: An Inventory Detour
In this episode Greg Shearer and J.P. Morgan’s European natural‑gas analyst Otar Degboadzi discuss how inventory levels are shaping commodity markets. They note that U.S. gas storage is near full capacity (about 2.2 trillion cubic feet), while European gas inventories are...
Understanding the World's Most Unusual Commodity Cycle
In this episode, Chris interviews Grant Isaac, COO of Cameco, to unpack why uranium is a uniquely atypical commodity—its primary consumers secure fuel years in advance, leaving virtually no in‑year demand. Isaac explains Cameco’s vertically integrated model, spanning mining, milling,...
Global Commodities: Running the Numbers on Gas
In this episode of At Any Rate, JP Morgan gas analyst Atar Kavuadza explains how the ongoing Middle East conflict has crippled LNG flows through the Strait of Hormuz, leaving roughly 16 vessels idle and cutting about 300 million cubic metres per...
MacroVoices #529 Ole S Hansen: Commodities in The Wake of The Iran Crisis
In this episode, Saxo Bank’s chief commodity strategist Ola Hansen explains how the Iran crisis is rippling through energy markets, refined products, fertilizers, metals and agriculture, creating extreme backwardation in crude oil futures. He argues that the forward curve’s steep backwardation...
Global Commodities: Prices Get Relief
In this episode, J.P. Morgan Global Commodities Research analyst Greg Shearer explains how the recent reopening of the Strait of Hormuz and damage to Middle‑East aluminum smelters are reshaping supply dynamics for both oil and aluminum. He uses a "black‑hole"...
We Visited 7 Mines in Africa. Here's What We Found
The hosts recount a whirlwind tour of seven African mines—including Ivanhoe’s platinum‑group metal (PGM) project in South Africa, the massive Grutte Gluck coal mine, Zambia’s First Quantum copper operations, and a new gold mine on the Witwatersrand—while debating the investment...
Metal Movers: Copper’s Volatile New Landscape | Argus Media
The episode dissects copper’s recent volatility, tracing a 2025‑2026 price surge to a mix of tight physical supply, looming U.S. tariffs, and a wave of financial speculation that pushed LME prices above $14,000 per tonne. Experts explain how lower ore...
The Hedge Fund That Stays Ahead of the Street (Matt Zabloski)
In this episode, host Travis Ricciardo interviews Matt Zablowski, founder of the Vancouver‑based natural resources hedge fund Delbrook, about the structural shift in global commodities and the under‑investment in resource exploration. Zablowski explains Delbrook’s high‑conviction, concentrated strategy—half of assets in...
Metal Movers: Strait of Hormuz - How Sulphur Is Impacting the Copperbelt
In this joint Argus Fertilizers and Argus Metals episode, the hosts examine how the Middle East conflict, especially the closure of the Strait of Hormuz, has choked sulfur shipments that feed the African copper belt’s leaching operations. Sulfur prices in...
Last Energy Crisis, This Sector Went Up 20x (Ferg Cullen)
In this episode, trader Ferg Cullen breaks down the current energy crunch, highlighting how the EU’s abrupt move away from Russian gas and nuclear power has left it vulnerable, while Asia’s coal demand surges. Cullen explains his bullish call on...
Global Commodities: A Month of Disruption
In this episode, JP Morgan analysts Greg Scheer (Precious Metals) and Tatar de Boadze (European Natural Gas) dissect the fallout from the escalating Middle‑East conflict on commodities. They note historically low European gas inventories (18‑28% full) and limited LNG flows, while oil...