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 grades, mine shutdowns (notably Indonesia’s Grasberg), and strong demand expectations from the energy transition and AI drove fundamentals, while macro‑risk hedging and systematic flows amplified the rally. Since the peak, inventories have swelled, Chinese demand has softened, and the market has shifted back toward industrial fundamentals, though structural tightness and geopolitical risks keep prices elevated. The panel also examines the impact of U.S. tariff uncertainty, sulfur shortages from the Middle East conflict, and the potential for copper to behave like a quasi‑precious metal again.
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...
Coal Makes a Comeback
The episode examines a tentative resurgence of coal in Europe’s power mix as soaring gas prices—driven by the Middle East conflict—make coal comparatively more economical. Guest Lawrence Walker and analysts Toby Hassel and Firat Elgene explain that while coal imports...
Copper & Gold: Pricing the Physical vs the Narrative with Grant Sporre (Episode 300!)
In this episode, Bloomberg Intelligence analyst Grant Sporer breaks down the physical supply chains of copper and gold, explaining mining, processing, and tradable forms while highlighting the dominant role of China in copper smelting. He contrasts copper’s industrial demand—driven by...
Lessons From Building 6 Gold Mines (Matt Wilcox)
In this episode, Matt Wilcox, a veteran of building six gold mines across West Africa, shares his playbook for rapid, on‑budget mine development, emphasizing meticulous logistics, a trusted contractor network, and the region’s abundant, under‑drilled deposits. He walks through the...
More U.S. Troops Arrive in Middle East
The episode covers the arrival of a 2,200‑person Marine Expeditionary Unit in the Middle East and the strategic options it gives President Trump amid the escalating Iran‑Israel conflict, including possible raids on the Strait of Hormuz and a daring uranium...
How Capital Cycles Create 100 Baggers (Django Davidson)
In this episode, Django Davidson explains the capital cycle framework—a supply‑focused, mean‑reverting approach to investing that emphasizes measurable supply constraints over demand storytelling. He traces its origins to Jeremy Hosking’s experience with the PC boom, outlines how capital misallocation drives...
Forget FalconBridge. NexGen Is Gilman's Big Score
In this episode, host Trav sits down with Warren Gilman, head of Queens Road Capital and board member of NextGen, to recount his 25‑year career in mining investment banking. Gilman details landmark deals—including the $1.4 billion Falconbridge IPO, a record‑size secondary...
Weight of Freight: Guinea’s Grip on the Capesize Market
In this episode, Richard Stevenson of Pendle Commodity Investments explains why capesize freight rates surged in early 2026, highlighting the unexpected boost from Guinea’s bauxite shipments and elevated bunker costs due to Middle‑East tensions. He outlines the political risk of...
Can Jewelry Ever Be Truly Conflict-Free?
The episode explores whether jewelry can ever be truly conflict‑free, focusing on the opaque supply chains of gold and gemstones and the human rights abuses they can entail. It highlights the work of London‑based jeweller Pippa Small, who partners with...
He Poured Drinks for Mining Legends. Now He Beats Them (Rick Rule)
In this hour‑long conversation, veteran resource investor Rick Rule reflects on five decades of cycles in mining, banking, and brokerage, sharing why he sat out the 2008‑2011 precious‑metal bull market and how his opportunistic moves in banks and Berkshire Hathaway...
Mark Connelly on Why Every Miner Is for Sale
In this episode Mark Connelly discusses his reputation as a "for‑sale" board member, explaining that every mining company ultimately seeks a willing buyer and that his role is to maximize shareholder value through strategic exits or growth. He outlines how...
