Explore every episode of the podcast BMO Equity Research Metal Matters

Helen Amos is joined by Doug Morrow, BMO’s Sustainability and Thematic Research Analyst, to discuss market risks and opportunities around the unfolding “super” El Niño, expected to be the strongest one ever seen, with an unusually high level of conviction from scientists. They discuss the weather signals and disruptions in agriculture and mining already apparent across the world and what investors should be watching for as it intensifies. Doug also shares some of the other strong themes investors are engaging with today, particularly AI risks, and his unshakeable view that there is more to a company than can be seen a company’s financial statements. Click here for transcript. BMO clients can view our reports: Super El Niño 2026/2027: Assessing Risks and Potential Beneficiaries LME Week 2026 Feedback To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

In the final part of this special series on how AI is changing mining, Helen continues the discussion with McKinsey’s mining and AI experts Sean Buckley and Cris Cunha. They discuss how AI is shifting operating decisions from reactive to proactive, compressing response times, and helping with talent bottlenecks. They cover where AI is actually being used and having impact across exploration, processing, and increasingly in sulphide leaching, which could be game changing for the industry. They  also touch on how “Physical AI” could take autonomous mining equipment to the next level, how OEMs are embracing AI differently, how miners are dealing with AI-risks and, finally, what the data shows so far about the impact on employment and other stakeholders. Click here for transcript. To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

In the first episode of this special two-part series on how AI is changing mining, Helen sits down with mining and AI experts Sean Buckley and Cris Cunha from McKinsey. While the data shows uneven adoption of AI across the mining industry, success has been found in top-down targeted programmes rather than bottom-up organic approaches, with scale an enabler. They discuss how data analytics and AI have already delivered some measurable wins in processing, with meaningful lifts in recoveries. And while there’s a lot of buzz about AI in exploration, this isn’t about the big discoveries, it’s about enhancing understanding of existing known deposits. With ore bodies now increasingly deeper, undercover, lower grade, and more complex, calling from greater “signal detection”, it’s no wonder many investors see a compelling story around commodities like copper. Part 2 will then dive deeper into other parts of the mining value chain where AI is having an impact, what’s around the corner with Physical AI, the risks we have to manage, what it means for employment and other stakeholders. Click here for transcript. To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

We discuss drivers behind the renewed rally in copper and gold prices, the quiet outperformance of the underdog metal, zinc, and why iron ore is causing a stir in the trading world. We talk through the high degree of uncertainty around the outcome for US copper tariffs, with bets rising again in recent days.  Click here for transcript. BMO clients can view our report: Copper Tariffs: What Happens If...? To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

Helen Amos is joined by George Heppel and Max Yerrill to discuss the rise of critical minerals as an investment theme. They explore how geopolitical tensions, supply chain security concerns, and government policy have accelerated investor interest in commodities such as rare earths, tungsten, graphite, and antimony. The team discusses the emergence of 'national champions' following recent U.S. government funding announcements, how policy support is reshaping company valuations, and why developing domestic critical minerals supply chains remains a long-term challenge. They also highlight key catalysts to watch, including U.S.-China trade relations, export restrictions, and the next wave of government support for the sector. Click here for transcript. BMO clients can view our reports: Rare Earths: Trade Discussions Creating a Long-Term Opportunity Critical Minerals: After Rare Earths, What’s Next on the USA’s Wishlist? Rare Earths: 2026, The Year of Execution Critical Minerals: Mapping the USA’s Potential Investment Landscape To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

Helen Amos and Katja Jancic discuss how the outlook for metallurgical and thermal coal prices has shifted following the major underground coal mine explosion in China in mid-May, which has triggered widespread closures, regulatory changes, and disciplinary action on several high-level government officials. They discuss what it might take for US met coal prices to close the gap with Pacific benchmarks, seasonal tailwinds for thermal coal, and implications of new US government coal funding. Click here for transcript. BMO clients can view our report: Met Coal Enters Its Next Fragile Supply Era: Echoes of 2023 To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

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

Commodity prices are reacting in a major way to the ongoing conflict in the Middle East. Please join our analysts, Randy Ollenberger, John McNulty, Joel Jackson, Helen Amos and George Heppel for a group conference call where we discuss our latest thoughts for near- and medium-term impacts on energy, metals, fertilizers, and chemicals markets. Click here for transcript. To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

BMO’s Base, Precious and Critical Minerals Analysts share the key takeaways, themes and developments from the 2026 Global Metals, Mining and Critical Minerals Conference. Click here for transcript. To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

In this special Metal Matters podcast, BMO Commodities Analyst Helen Amos is joined by Ro Dhawan, President and CEO of the ICMM to discuss how the role of sustainable mining is shifting in a world where mining and critical minerals has been thrust into the foreground of global geopolitics. They discuss the new Consolidated Mining Standard which marks a major turning point in harmonising standards across the industry, as well as progress made in tailings management,  gender-based violence, and the urgency around improving safety performance. Ro suggests that the increase in government participation and M&A in mining could bring opportunities for sustainability too. Click here for transcript. To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

In this episode, Helen Amos discusses new highs in gold and silver prices as transatlantic tensions around Greenland’s future escalate. We look at how US metals stockpiling over Trump’s second term compares with the Cold War era, and reflect on new questions around China’s aluminium output, met coal’s steady come back and tin’s outperformance. Click here for transcript BMO clients can view our reports: BMO Precious Metals Monitor: The Greenland Effect The Age of Metals Stockpiling - How Much has the U.S. Accumulated? Silver: Entering Dangerous Territory for the Gold:Silver Ratio Met Coal Stirs From Its Slumber To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

Helen Amos is joined by George Heppel to wrap up on the big developments and surprises over 2025. They discuss the recent surge in silver and platinum, what has kept metals prices high in the face of global tariffs, China’s reach on global metals supply chains, critical minerals investments, and the COMEX-LME copper arbitrage. They mull over some of the key themes and uncertainties into 2026.   BMO clients can view our reports, 2026 Metals & Bulk Commodity Price Update: Material World BMO Precious Metals Monitor: Silver Bells Are Ringing Click here for transcript To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

In this episode, Helen Amos is joined by BMO’s Chief Economist Doug Porter to discuss the impact of big macro shifts on the metals and mining space. They talk everything from rate cuts, the US dollar, AI, de-dollarisation, global trade, and emerging market development. Click here for transcript. To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

In this week’s Metal Matters, we re-cap on our key take-aways from LME week, discuss the correction in precious metals, and shift the spotlight over to China’s recent economic data and expectations for the next 5-year plan. Click here for transcript BMO clients can view our reports: LME Week 2025 Feedback BMO Precious Metals Monitor: Squeezing Higher To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

This week Helen Amos is joined by commodities analyst, George Heppel. They discuss new frameworks for thinking about long term commodity prices, how investors are viewing gold even after its explosive rally, and what big deficits in copper, platinum and silver could mean for prices. BMO clients can view our reports here: Q4 2025 Metals & Bulk Commodity Price Update: A Sanctuary in the Storm Upgrading the Long Term: Drilling in on Gold, Copper, and Iron Ore Click here for transcript 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/

In this episode we discuss the latest in EV and battery markets, consider zinc’s supply problem and answer quickfire questions on iron ore. (15 min) BMO clients can view our report, Plugging In on More Realistic EV and Battery Metals Forecasts (Including Lithium), by visiting: https://researchglobal0.bmocapitalmarkets.com/research/4897090a-db59-4ed1-9382-c18f0ee1cc9b/ Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This episode discusses the recent improvement in Chinese sentiment, coking coal’s challenges, gold’s new nominal record and uranium discussion points ahead of a major industry event next week. (12 min) Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week we discuss the panic in the global steel industry, copper supply issues and China’s historic EV moment. ( 15 mins) Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the impact of China’s State Grid’s new budget, new rebar standards, H1 trade and a special Olympics bonus section. 13 min Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This episode discusses feedback from Shanghai Platinum Week, gold’s push to new highs and initial thoughts from Q2 production results.(13 mins) Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we talk through our recent price changes, base metal concentrate tightness, tariffs and met coal. (11 min). Episode transcript To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the copper physical-financial disconnect, China’s focus on substituting copper with aluminium, and the current nickel situation. (11 min) Click here for transcript To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the unusual rise in visible metal inventory during May, supply issues in alumina and manganese ore, and the latest on batteries from the Rhomotion Europe conference. (13 mins) Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss whether some recent price gains are fundamentally justified, PGMs, China property and long run copper price expectations. (13 mins) Episode transcript: To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the unusual situation happening in copper at present, why iron ore might be the best way to play Chinese recovery, gold demand and BMO’s economic expectations. (13 min) Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/d0pHOGZncGVNNW1pdHBjTnF0TWFUcVZmS21iSEM0TXBYUmxESHBEakpRUG1qdG5QSmdyTnJkWWFUaFNVeHVTSEhBWUlCNStQdlRpNjV2eWR4Lzg3aWc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we provide feedback from CESCO Week in Chile, discuss implications of Russian material bans, and consider whether rising capital intensity is causing an existential moment for the mining industry. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/OUczMjdoUlY3MElvc29ER1B1cnV4UWVjYXFDSmFwQnFjazZqWTRXb2IzcHk2UStHbXVlNnBUb0pyb3V1VVFaOHduMEtpbFVxRTYwZjJWZCtpWm5vR2c9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the new nominal highs for gold, a strong cross-commodity start to Q2, and preview CESCO Week 2024. 13 min Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/NUxwVEJHb21OOG1OVlBxT2dXMytFYVRYbWJEdW1BVS9JR3NCN1Z4SytLUjQ3ZTBJL2xobC9oVDdlT2FjczI1UUNJY2wwZGN4bG9qWDdlaHFNSTd5WlE9PQ2.PDF

This episode discusses our recent commodity price changes, global capex spending, China’s delayed fiscal impulse and manganese ore. 12 min. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/SGFVcjZqc2FjYithT21yc05EM3lKSk5pVU1ONmJMVEY1Ym9YSzQxa3REZm5ENjhXTlpmSi8yRWhtOVNlVE9mTlJwa081dnJMWTN3emJ1ckZCWXA5M2c9PQ2.PDF BMO clients can view our report, Q2 2024 Metals & Bulk Commodity Price Update: Beginning to Look Brighter, by visiting: https://bmo.bluematrix.com/docs/pdf/f934ec8f-929b-460c-ae3a-1d5a192a1bcc.pdf

In this episode we discuss the drivers for recent moves in copper, gold, uranium, and lithium, plus the weakness in Chinese construction activity. 11 min. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/Rk1kbXhwcmtUOHp3MkphS3RndEdzbzkvMEJwN3FsOUxlVXEyVkhRb3ZrWEZtQ1ZQRk1NNGQ0Mkc1TmpBdXpkYzFxZTJXRjBQeVNrZGZjdEsxbmt0RHc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week we have a special episode of Metal Matters, sharing a podcast from BMO’s Sustainability Leaders that aired on February 20, 2024. Colin Hamilton, Commodities Analyst at BMO Capital Markets, sat down with the International Council on Mining and Metals (ICMM)’s president and CEO Rohitesh Dhawan to discuss what the industry needs to do to embrace nature-positive mining (24 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/Z01EUm53N0x1ckkzUXhjeVRIbi9DakhrMnRybmg4alNraXo1eTF0NWxjd3J1cjJyRTNoVVhsc1ArMGpVMktoWm1oaVRNaE1nWTc1TGdZbE51OW9IMVE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we preview BMO’s 33rd Global Metals, Mining and Critical Minerals conference, and discuss the annual zinc treatment charge negotiations.  11 min Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/eXlCRzRkT0ZxVzhmVFlncEwrY1RIOTl0TVBmVHpMZVlMbjZyUjI0NytGQnNOUUZUbkVLL0pMT0hubElXaUx3c3Y0cWJINkIwTGlXVzFaMUl0N092dXc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we provide feedback from Mining Indaba in Cape Town, and discuss uranium, copper and Chinese cost inflation. (13 mins) Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the growing tightness in copper raw material markets, gold’s resilience, nickel supply cuts, and China’s 2023 economic data. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/ei9UanNMUVJjRjcxOFFVT2F2am8wSWJRT0JLWDZSSDNxdzNTVjRDbDduVHk0cTRHUUVLdGtLWGY1SzZ0ZVRmZUJyUkRkR2g1RGthUFArZndqSW5jTnc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In the first 2024 episode we discuss met coal and alumina fundamentals following recent price gains, China’s latest data points and how the Red Sea situation might impact metals and bulks. 13 min Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/QVpFMkZXK0JuQjcybzhRNjEvMGt1bXRLNFFuNzBkTjNRMVFlTHZwSUJQWCtvS2E5WE5mQ1pOK3E0MGIzai9BRlBNeEVDSGlvOGFyL3VjZ3dGR0dvQlE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss our expectations for metal and bulk commodity markets into 2024, a new era for gold, and why we see a tighter copper market than expected. (13 min). BMO clients can view our report, “CORRECTION: Q1 2024 Metals & Bulk Commodity Price Update: The Old Guard Step Up”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/e9d00408-6249-4535-80d7-25496e8af494/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/d2NpSERFWXYvMVNSMEM3NHhmYXdFMUU2VmdUTzFFRWJ4MlBnaE12akJsQkFSZ09odXErdzQvVHVYa012NU5nUmNpN2hnaVVuQ0lxNmYzZ0VQMTRZYlE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the need for supply adjustments across commodities, with a focus on nickel, consider the seasonal iron ore trade, and think about the outlook for batteries and EVs (12 min) Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/amRTYUgrNU1nZ1BzQ3Q0aW9tVHIzOVk2NURESDNla25xRzN5anlSMDdKNVVLS0pWTzAvNHlkckdiSjBIOWl0bW82WXRjbklvZTJUOEFwd001MDRHMlE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss Asia Copper Week, palladium, and silver. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/WUcxaGpJRE1RVXc0Y29yOUVBaFRaS1JEazZENUFtK1djem9DdkNvQmJmNUt5V1FtRTJtVmpoZXdnQ1hBRHpTVEdzUVNhS24wTk0vMDBTQjlqdzQ4NWc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss fears that the energy transition is struggling, gold, uranium and the return of supply issues. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/OUZ5Rk1iVERkZDN2Zmtxa2tvT0lpTk12UEhmMEtJNzluT09rNUdTNGQyZThzeURJQUlqUkpydS9FUkpsRWFudnNONDRuNm1DQ2VaRFJFcVNHOWhiNlE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this edition, we provide feedback from LME Week, discuss the positive trends in Chinese data, and talk through the current iron ore situation. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/Nm5QUjhpcW85SWk1U21nZHVCajdreUVMalZ5QVRRR1o5My9oMm9keUZPRmJZU3kzeStYN0RNeTlrTjFOM2JpVWJNdTZ3ZjRxRk1mazJrVGF2Qjg2M3c9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week we preview LME Week 2023, discuss global industrial outlook and our recent price changes, and provide some quick thoughts on aluminium. BMO clients can view our report, "Q4 2023 Metals & Bulk Commodity Price Update: Steadying the Ship", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/0a32588c-405d-444f-a3a2-e9d2fc97cddb/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/S0Z4dG45RE8rM3dwL2dkRXRHTDFRTGlaZTgyanJsaVlDUlJmVWtZRWxHR0d6YUszMmk0RHE5NDFmMEdmWUFveEVsWGQ1MG8ydkdFelM4ZUJtMUxubmc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss China’s August data, the UAW strike, India, and met coal. (10 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/R0RzRnoxOUVsRXd0ajZ0VjZDOEdGQ2lNWnluY3c0eEJpM0FoL2RFSTJRVGNXYmVHT2RmN3RuR2VQZk1BQW9wM0pKb2g2TFVUcUZ2VmxkbzZXcDlpYUE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/