Meet our Metals & Mining analysts
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.
Gold’s strength is being driven by more than safe-haven demand. Shifting geopolitical and trade dynamics, weakening confidence in the US dollar, and China’s push towards de-dollarisation continue to support prices. At the same time, miners face rising costs, labour and ESG pressures, and declining ore quality, making detailed asset and cost analysis more important than ever. Wood Mackenzie tracks around two-thirds of global gold supply through its Lens platform to help navigate these challenges.
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