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.

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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

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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.

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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.

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In this special Metal Matters podcast, BMO Commodities Analyst Helen

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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.

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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

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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

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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.

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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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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.

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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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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