03 · CANONICAL RESEARCH DESK

Physical Commodities

COPPER (LME) · BRENT CRUDE · URANIUM (U3O8) · PHYSICAL GOLD · POTASH

Physical supply bottlenecks cannot be papered over with currency printing. Real resource extraction is confronting geological, geopolitical, and energy constraints.

LINKED SOVEREIGN PORTFOLIOS: COPPER RUNS DRY · NUCLEAR ROARS BACK · FOOD & FERTILIZER

LIVE MARKET STORIES & BIG MONEY FLOWS

COMMODITY SQUEEZE · COPPER

LME Smelter Concentrate Deficit & Cash Backwardation

Smelter treatment charges plunging toward zero as global mine supply deficits force physical drawdowns across Asian and European bonded warehouses.

COMMODITY SQUEEZE · NUCLEAR FUEL

Western Utility Unhedged Uranium Contracting

Enrichment capacity restrictions and Kazatomprom supply hurdles compel nuclear plant operators to secure physical yellowcake at historic premiums.