BMO Equity Research Metal Matters: Recent Episodes
BMO Capital Markets Equity Research
Featuring Colin Hamilton, Commodities analyst at BMO Capital Markets, Metal Matters discusses the hot topics in Global Metals & Mining each week.
In this short episode we discuss whether China’s July data might be as bad as it gets, China gold demand, ex-China indicators and BHP’s latest commodity outlook. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/ZHJjUVFMNWloMWdxd3BnRUh2YXFSV1NUdytBU3ZJdFY3VE1sUnJOTDVQVDBQeXhRTW92Tksrdlplby9SSGVhRlRNYmJzQmNVMHduY3gwc3hRQktXNHc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this episode we discuss our recent notes on copper substitution and iron ore pellet feed, plus silver’s set-up and China’s steel cuts Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/cjNLTUtEbEpjbWpvRmtidzIyUlp5dXNBdDNRN2M4REFKVTVGbWlhTFhCWjJTM0dKYk51OEtMOEdjQXJaRmJQNjNIaS9zbFh6bmo0VUNxamdaQnJiSFE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this episode we consider the outcomes from China’s politburo meeting, critical minerals, met coal, and potential El Niño impacts. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/K1JnVTc3bFg2RDNscXFtMDBVdVJKZDZvdUxIb005M2hLNUd6Nmt5VGV4SmJveExJbURVUmx5dW51OXk4cHk5VitTKzBFekpGcnJxcWN6clR4UC9nMEE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (11 min) podcast we discuss China’s minor metals export bans, the latest on stimulus, plus recent price forecast changes. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/LzJwaWRMbTdpeFY4ZmZHVE56RHhvVEZQVXNJOVlUYzAxeGEzajFsd0tvS2puaWdwSy95bkQ3SVhpWDJLMjJXWFFWRDJXNjRrT21PY3E3TXMxTmd6dmc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (8 min) podcast we discuss China’s drip feed policy support, why the trend to bigger batteries might slow, alumina’s challenges and client interest in DRI. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/aTQwbmVIcEJSd0E1TkJKclV4Qzk2R2N1dDBOZWx5QTlqeldlejJoeTVhZnZ6M2JsM1kwOHlpeitaYW5hejN1K3VDd3JMVUVBMERsWWx2Ri91TmI5RGc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
We discuss the latest Chinese data points and policy support, fading inflation pressures, and power demand for data. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/ZGZWTGZwR3I4bmdvYS9saUhFTE1iYkFkWXRaMFlFRnRjazNkMHVhNUljdUpqdGZHWFk0VUE2SHlrdzhGUDh4TGVTdHdBN1VsQldtYk5YWUM5ekZvckE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (10 min) podcast we discuss the latest on China, Rio Tinto’s investor seminar, battery raw materials and developed world demand.Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/B60777FB-002A-4A9E-85CD-D20CED5B3536.PDFTo access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (11 min) podcast, we discuss the recent announcement of property market support in China, preview Asia copper week and discuss what we might expect from China’s State Resources Group. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/74C0B1E8-4361-4206-BCCB-58060E3C8882.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short podcast (9 min) we discuss LME Week feedback, cuts to copper supply expectations, the latest on China policy, and the potential for asset-level joint ventures in the industry. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/A3A03E89-54FE-4C0A-8ADB-B47D16A82761.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (9 min) podcast we discuss expectations for LME Week, China property and Precious Metals Conference feedback. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/85032577-EDAB-40EE-A481-BE5ED95C4821.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (9 min) podcast we discuss the headwinds for the global industrial economy, the rise of responsible sourcing, and our latest quarterly commodity outlook. BMO clients can view our report, "Q4 2022 Commodity Price Update: The Devil Is in the Demand", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/2a353d2c-3ec7-4183-98a6-49a3cc99ee5e/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/4420BB2D-735C-4CB9-97DE-07109326E11C.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short nine-minute podcast we discuss the improvement in China’s August data, the copper supply situation, and Denver Gold Forum feedback. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/8C2274DC-AEC8-4F17-B928-5E2D99E3BCD8.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (10 min) podcast we discuss expectations for China’s CPC meeting, batteries, uranium and base metal inventories. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/CABE2704-7271-46B4-9852-EFC7085480C7.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (9 min) podcast we discuss the impact of rising power prices on supply and demand in the metals industry, the potential for industrial action and the current state of copper. Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (8 min) podcast we take stock of demand trends, costs, and China steel optimism in what has been a relatively quiet August thus far for metals and bulk commodity markets. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/FAF96EBA-8D96-4E15-B6BD-A51595D018FD.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (10 min) podcast we discuss why cost curves are back in focus, and the latest developments in China property, nickel, and aluminium. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/8E1FCB74-2560-4D7B-A690-3D3C462AAC98.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (11 min) podcast we discuss the challenges facing current metals markets, copper, steel, and the latest data from China. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/4E69F782-FD3D-464F-BF9C-1916327AFB40.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (10 min) podcast we discuss the recent sell-off in industrial metal prices, the outlook for copper and uranium, and current price disconnects across commodity markets. Click here for transcript To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (10 min) podcast we discuss when the current energy interest may rotate back towards metals, central bank policy and China’s May economic and trade data. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/50822505-43AB-4686-9A80-EBE8F64D7047.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short podcast we discuss the divergent forces in China’s metals demand, thermal coal, iron ore, and the battery cycle. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/5D0C35F3-7E78-416C-9FDC-4BA75B5CE99F.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (9 min) podcast we discuss feedback from industry events covering cobalt, platinum, and aluminium markets, plus what is different in the current price downcycle. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/E8645781-6ED4-4F4C-80CA-612AC744A622.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (9 min) podcast we discuss the implications of China’s latest pro- growth rhetoric, how to think about the iron ore market, copper and zinc market dynamics plus what we may see at Mining Indaba. Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (10 min) podcast we discuss the current state of play in China’s economic data, easing in copper raw materials and underlying nickel fundamentals. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/B04A9F61-A596-4809-A24D-F7FAF8B8AEE8.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short podcast we discuss our recent commodity price update, China’s changing trade patterns and the push for energy independence. BMO clients can view our report, "Q2 2022 Commodity Price Update: Dealing With Dislocations", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/02224aa2-3ab9-497a-91f5-328365f83336/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/94A882DB-605E-4708-9862-AD9FF0570693.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (9 min) podcast we discuss feedback from the FT Commodities Summit in Lausanne, China’s growth push, how we are altering our basic supply-demand forecasts, and what will be front and centre of next week’s CESCO copper event in Chile. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/BF91A3FE-38B7-465E-9A32-A803C86D6282.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (10 min) Metal Matters podcast, we discuss feedback from BMO’s Global Metals & Mining Conference, how supply disruptions can result in demand destruction and the turbulence in the LME nickel market. Episode transcript: research-ca.bmocapitalmarkets.com/documents/CC8ED4F0-7D47-4B21-82BE-A766225F7AEB.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (8 min) podcast we preview the key points of discussion at BMO’s Global Metals & Mining Conference, talk potential flow-through impacts from the Russia-Ukraine situation, and highlight our work on the forthcoming demand transition for PGMs. BMO clients can view our report, "PGM Demand Drivers Prepare for Real Transition", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/7f9078c5-1b2d-49f7-9223-03ab795a6618/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/E78A9937-D295-4944-9A25-276BD1B7AF2D.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (8 min) podcast we discuss how to think about what might happen in commodity markets after the recent price gains, our recent upgrade to electric vehicle expectations, and the forthcoming IZA conference. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/C895A3A4-05C4-4AA5-BF23-3FD8BB396BF2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (8 minute) podcast we discuss why there is such a range of views on China this year, what to look at for signs of improved Chinese confidence, and PGM outperformance. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/67FDB434-B00F-4266-91B3-EFEEEFB503D9.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (8 min) podcast we discuss the various forms of supply disruption afflicting metals and bulk commodity markets over the year to date, why Omicron may make this Chinese New Year a little different, and our balance for nickel this year. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/AED3B213-2D5F-4EE1-A5CD-BEDA139374C6.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (9 min) podcast we review the most interesting points from the metals and mining industry for 2021, look ahead to what 2022 may bring, and discuss China’s recent growth-positive change of tack. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/17DAAB71-C820-4C77-89C8-EB51D0957786.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (8 min) podcast we discuss current thinking around China policy, inflation impacts, US-Russia tension, and Omicron’s impact on metals supply. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/83C06731-5E0E-444C-969D-B80490EC20B9.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (7 min) podcast we discuss the increasingly strategic nature of scrap, La Niña ramifications and the return of traditional gold buyers. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/8E202DAA-27C9-409F-9DEF-EFE6D2F40B23.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this special edition podcast, we discuss the key findings from our recent report "Circle in on a Material Opportunity", which focuses on the circular economy. This includes analysis of opportunities and threats to metals markets, how key end sectors such as buildings and white goods could be altered, and other sectors where we see potential opportunities as circular behaviour gains traction. BMO clients can view our report, "Circle In on a Material Opportunity", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/e96e0644-24ab-422b-aee9-c4708a242ddc/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/E5255F10-4732-434C-854D-CA4D8CD9F566.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (8 min) podcast we discuss the key points from our recently published circular economy report, the current situation in iron ore and coal markets and core policies in China’s “Xi Era”. BMO clients can view our report, "Circle In on a Material Opportunity", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/e96e0644-24ab-422b-aee9-c4708a242ddc/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/34C9430A-9208-4D13-B786-F282D97D0C1F.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (8 min) podcast we discuss what caused the sharp move in copper last week, China’s current property situation, and how the magnesium situation will bring more focus to critical metals. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/9C77E7C6-514C-4684-91E2-9A9388CC4404.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (8 min) Metal Matters podcast we discuss feedback from LME Week, the knock-on implications from the global energy crisis, and the key conclusions from our recently published copper report. BMO clients can view our report, "Rethinking the Long-Term Copper Challenge", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/52b25693-0a56-46d0-8987-30a4359d1f4f/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/C7A70448-B3ED-4CFA-A004-E8CB1725FD59.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
In this short (8 min) Metal Matters podcast, we discuss the knock-on effects of China’s power rationing, central bank policy, and what we expect from the forthcoming LME Week discussions. BMO clients can view our report, "Q4 2021 Commodity Price Update - Surprises Shift From Demand to Supply", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/8d79e3cb-c27a-4083-97ec-52ec01ce62df/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/31BE112F-B079-47C1-80E7-A9DCED12AE1C.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/