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.

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BMO clients can view our reports:

LME Week 2025 Feedback

BMO Precious Metals Monitor: Squeezing Higher

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

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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 Cut
PGMs: Picking the Right Basket
Anti-Involution Needs Patience: Copper and Coal Screen Strongest

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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.

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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

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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)

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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)

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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)

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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.

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To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/