Geopolitical stress is pushing global systems away from cost-optimised equilibrium toward outcomes defined by tolerance. Disruption is redistributing trade flows, repricing stability, and exposing the…
March 18, 2026 - George Griffiths
Definition: the data in this report show LME non-risk reducing positions (ie speculative positions) held by Investment Funds and Other Financial Institution
March 17, 2026 - Carly Hughes
If “off ramp” was on your geopolitical catchphrase bingo card last week, congratulations. The search for stabilisation, rather than outright victory, has quickly become the…
March 16, 2026 - George Griffiths
Markets approach the close after a consequential day, without moving any nearer to resolution, merely extending uncertainty. The reopen began in predictable formation: crude meaningfully…
March 5, 2026 - George Griffiths
Throughout 2025, copper’s rally was anchored to the narrative around AI infrastructure build-out and the substantial volumes of physical metal required to support it. Data…
February 27, 2026 - George Griffiths
The Supreme Court’s ruling on IEEPA has subtly shifted the tariff debate from being largely constitutional to increasingly fiscal. IEEPA reportedly generated revenue in excess…
February 26, 2026 - George Griffiths
U.S. tariff architecture continues to deepen in complexity. Yesterday’s vote in the House of Representatives, while likely to end in a presidential veto, was intended…
February 13, 2026 - George Griffiths
AMT is proud to announce the opening of its new office in Dubai, a significant step forward in strengthening our global footprint in the metal…
February 4, 2026 - Carly Hughes
Increased stress across industrial and base metals appeared to emerge suddenly toward the end of last week, seemingly undermining an investment case that has been…
February 4, 2026 - George Griffiths