BMO Equity Research Metal Matters

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/