Meet our Metals & Mining analysts

The Middle East conflict and wider geopolitical friction are both creating real pressure across key copper mining cost inputs, from volatile diesel prices to sulphuric acid supply squeezes . The challenge is no longer just understanding the headline risk. It’s about translating macro geopolitical shocks into asset-level reality, looking past the panic and headline noise to stress-test financial models, assess portfolio exposure and identify which assets are most vulnerable. 

Coal is playing a growing role in energy security as market uncertainty, extreme weather and rising power demand put pressure on global grids. LNG price volatility has improved coal's competitiveness in parts of Asia, while hotter summers, colder winters and expanding AI-driven data centre demand are increasing electricity consumption. At the same time, supply risks, from policy changes in Indonesia to weather-related disruptions in Australia, could have a significant impact on coal market dynamics in the second half of the year.

What's keeping aluminium smelter margins at record highs — and how long can it last? Jie, breaks down the structural forces reshaping the global aluminium market in 2026. From regulatory capacity caps in China to the growing challenge of securing green power outside it, Jie explains why annual smelting capacity growth has stayed below 2% since 2018 — and what that means for prices, margins, and market stability going forward.