Asks what's happening in the metals space after the volatility in copper and precious metals.
Sherry
Daniel Hynes
The selloff was triggered by a dollar rebound on Fed news, but fundamentals for precious metals remain well in place.
Asks about copper's role in the AI/green transition.
Sherry
Daniel Hynes
Copper and gold dynamics are different. Copper demand growth is running higher than GDP would suggest, driven by electrification and the energy transition.
Asks about demand fundamentals given weak China PMI.
Avril
Daniel Hynes
Demand dynamics are shifting. Copper demand is less a proxy for broad growth now, more driven by specific factors like electrification.
Asks about dollar assumptions for the year.
Avril
Daniel Hynes
Expects further gradual decline in the dollar in 2026, which would be supportive for commodities.
Asks about oil given geopolitical tensions and oversupply talk.
Sherry
Daniel Hynes
Risks are skewed to the upside for oil. The market has priced in the glut, but supply outlook is shifting.