BMO Equity Research Metal Matters – Details, episodes & analysis

In this episode, Helen Amos reviews key debates over Cesco Week 2026, including Iran conflict demand risks, sulphuric acid shortages, the U.S. arb, and challenges facing western-listed mining companies in their pursuit of copper growth. Demand side headwinds from higher oil prices are valid given historical precedent, but Helen highlights that much lower oil intensity of global GDP vs the ‘70s, a greater share of copper demand now being tied to strategic uses, intensifying stockpiling and underperforming mine supply, all provide strong positive offsets. Click here for transcript. BMO clients can view our reports : Copper Shines at Cesco Week Mining Costs With Higher Oil; What Are The Sensitivities? To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

In this episode, Helen Amos and Joel Jackson discuss disruptions to fertiliser supply chains stemming from the Iran conflict. Nitrogen and sulphur prices have already seen huge gains (phosphate prices are rising too) with seemingly little slack in the system for a supply response to plug the gap. They discuss how this compares in scale with the onset of the Russia/Ukraine war in 2022, and what this means for mining operations dependant on sulphuric acid for leaching and ammonia nitrate for explosives. Click here for transcript. BMO clients can view our reports here: Fertilizer Stocks Reawaken as Conflict Intensifies Middle East Conflict Supply Risk: Aluminium and Iron Ore Pellets Vulnerable Mining Costs With Higher Oil; What Are The Sensitivities? BMO Special Event: Commodities: Middle East Conflict First Attempt to Quantify Current Conflict, Comping to 2022 (and Even 2008)Another Week of War Escalation and Duration -Driven Volatility Fertilizer and Methanol Impacts From Middle East and Iran Developments To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

In the first episode of our re-launched podcast, we discuss copper back to $10k, iron ore’s resilience, macro shifts, Chinese stockpiling, and the case for a new mining upcycle. BMO clients can view our reports here: BMO Precious Metals Monitor: Poised for the CutPGMs: Picking the Right BasketAnti-Involution Needs Patience: Copper and Coal Screen Strongest Click here for transcript. To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

In the final episode for 2024 we discuss BMO’s outlook for Metals & Mining in 2025, technology advances and the current situation in aluminium. Click here for report. Click here for transcript. To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

In this episode we discuss China-U.S. friction in critical minerals, the 2025 outlook for copper, cobalt’s challenges and China’s Central Economic Work Conference. 12 min Click here for transcript To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This episode considers why iron ore has upside into year end, China’s export rebate removal on aluminium, uranium and critical minerals recycling ( 14 min) Click here for transcript.

This episode discusses the impact of the U.S. election results on precious and industrial metals, and how China will respond to the new U.S. administration's policies. (11 min) Click here for transcript.

This episode discusses the China’s concerns over Guinean bauxite, uranium, nickel and what we’d learned about China’s latest bout of stimulus one month in. (13 min) Click here for transcript.

In this episode we discuss what surprised us at LME Week, the challenges in concentrate markets and the latest on China’s policy pivot. (12 min) BMO clients can view our report, "LME Week 2024 Feedback", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/141e053a-a727-4beb-970d-802795801543/ Episode transcript: http://research-ca.bmocapitalmarkets.com/documents/7BA45F85-C637-4626-9C6C-ABB87D1EBC1A.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This episode considers the key points of discussion at LME Week 2024, our recent gold price upgrade, what China’s stimulus announcement could mean and nuclear energy for data centres. Click here for transcript To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/