Definition: the data in this report show LME non-risk reducing positions (ie speculative positions) held by Investment Funds and Other Financial Institution
February 19, 2026 - Carly Hughes
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
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
The week has begun largely as anticipated, with a clear pickup in enquiries around the merits of investing in hard assets. For most, that still…
January 30, 2026 - George Griffiths
Davos served as confirmation of an emerging narrative, marking a clearer acceptance of what risk now represents in a world where fragmentation, persistent inflation, and…
January 26, 2026 - George Griffiths
The aluminium market is increasingly being shaped by power systems rather than feedstocks or headline capacity additions. The key divergence lies in how China is…
January 23, 2026 - George Griffiths
Tin: pricing power sits midstream, not at the warehouse London tin prices have moved beyond $52,000 per ton, reaching new highs even as visible exchange…
January 16, 2026 - George Griffiths
Copper prices have extended sharply higher into early 2026, driven primarily by macro rotation and systematic flows rather than near-term physical tightness. While the long-term…
January 9, 2026 - George Griffiths
Nickel has staged a sharp momentum-driven rally, rebounding close to 30 percent since mid-December and trading into the high-$18k range. The move has progressed rapidly,…
January 9, 2026 - George Griffiths