Base Metals: Reshoring, Rebalancing, Repriced?

Kenny Ives, Joined IXM in Q4 2022 as CEO. In December 2024, Kenny took on the additional role of Vice President and Chief Commercial Officer of the CMOC Group.

IXM is a leading global marketing and trading house, focused on commercialising base metals, metal concentrates and speciality metals.

CMOC Group is a leading producer of Copper, Cobalt, Molybdenum, Tungsten, Niobium and Phosphate fertiliser, with a diversified portfolio of operations in the DRC, Brazil and China.

Before joining IXM, Kenny spent over 23 years at Glencore, and is a graduate of Brasenose College, Oxford.

Amy Gower leads the Metals and Mining commodity strategy team at Morgan Stanley, covering base, bulk, precious and battery metals. She has 12 years of commodity experience, having joined Morgan Stanley in 2013, first in the Commodities Sales and Trading division, before moving to the Oil Research team in 2017 to cover crude oil and refined products markets. She moved to the Metals strategy team in 2021. Amy graduated from the University of Leeds with a BA in French and Management and is a CFA Charterholder.

Graeme is Head of Metals and Minerals Analysis for Trafigura, a market leader in the global commodities industry. He is responsible for helping to shape the company’s views on metal markets and the economic outlook, with a particular focus on China.

Prior to joining Trafigura in 2015, Graeme lead the China side of Macquarie’s highly regarded commodity research team for five years, publishing research on bulk commodities and metals for institutional investors, corporate clients and the bank’s internal investment and trading teams. The focus of his analysis was on demand & supply balances, price forecasts, supply cost curves and macroeconomics.

Graeme started his career at Steel Business Briefing, first as a China Analyst and later as Head of Asia Research.

Graeme holds BA (Hons) in both Mathematics and in Philosophy from the University of York. He is a native English speaker with conversational Chinese.

Colin Hamilton is Vice President, Market Research & Economic Analysis at Teck.  Based in London, he leads Teck’s market analysis team and has a strong focus on China and global trade flows.  Previously, he headed up commodities research teams at both BMO Capital Markets and Macquarie and has over 20 years’ experience in the metals and mining industry.

Nicholas Snowdon heads the metals and mining research at Mercuria Energy Trading. He brings 17 years of experience in the commodity trading industry previous that, most recently working at Goldman Sachs as a Managing Director, Head of Metals Research. As Head of Metals and Mining Research at Mercuria Energy Trading SA, he is responsible for delivering strategic insights and market forecasts that shape investment and trading decisions.

Eoin is the head of Industrial Metals Research within the Global Commodities Research group. Prior to joining Goldman Sachs in 2024, Eoin headed up Copper & By-Products Market Analysis at Rio Tinto and before that covered aluminium. Prior to Rio Tinto, he worked for 11 years at CRU, most recently as a Research Manager in Base Metals and Aluminium. Eoin earned an MSc. in Finance and Capital Markets from Dublin City University in 2008 and a BA in Economics and History from the National University of Ireland in 2006.

Joined Panmure Liberum in 2021 as a commodity analyst, working with the Mining team. Before this, he held commodity research roles at Macquarie, Morgan Stanley, UBS, Bank of America and Citi. Covering global markets of precious/base metals, steel, iron ore, coals, uranium, carbon, oil/gas, etc. Prior to broking, worked as an exploration geologist in Australia and Asia. BSc (Geology/Geophysics, Hons), University of Sydney + BCom (Finance/Economics), University of Western Australia.

Peter brings over 25 years of experience in the resources industry. Most recently he consulted to various clients, and prior to that lead the macro economic and commodity market team at Anglo American covering topics as diverse as climate change, geopolitical/trade concerns, and the energy transition. Before joining Anglo American in 2010, he worked for Norilsk Nickel International and BHP.   An engineer by first training, having started on coal and platinum mines, he also holds commerce and mineral economics degrees.

Menno Sanderse first joined Rio Tinto as Global Head of Investor Relations in September 2019. In the two years to June 2024, he was Head of Strategy and Investor Relations responsible for Group Strategy, Investor Relations and internal consultants PACE. In July 2024 he Joined the Copper Product Group as Chief Financial Officer.

Prior to joining Rio Tinto, he was a Managing Director at Morgan Stanley where he headed up the Metals and Mining equity research franchise since 2012. Prior to that he was responsible for Morgan Stanley’s European Transportation research franchise.

He started his career as an equity analyst at Merrill Lynch in 1997.

Clive joined HSBC in August 2024 from Barings where he was Head of Equity Natural Resources responsible for the Barings Global Resources and Agriculture funds.  He has published several client facing whitepapers on the critical role of natural resources in the energy transition theme. He has held analyst/Portfolio management positions at Blackrock, AllianceBernstein and Baring Asset Management focused on natural resources companies. Clive has a B.Eng (Hons) in Mineral Surveying and Resource Management from the Camborne School of Mines in Cornwall.

Grant Sporre has 25 years of commodity and mining experience, including 15 years in equity research. Prior to joining Bloomberg Intelligence as global head of metals and mining research, he was head of European metals and mining research at Macquarie and head of metals research at Deutsche Bank. Grant began his equity research career at UBS in 2004, and has also held operational management and technical roles at Anglo American and BHP Billiton.

Grant has an MBA from Heriot-Watt University in Edinburgh and Bachelor of Science in Chemical Engineering from the University of Natal. He is a Member of the Institute of Chemical Engineers in the UK.

Matthew Revell is responsible for Bloomberg’s Commodity Product Strategy, based out of London. In this position he is focused on developing the comprehensive set of solutions Bloomberg delivers for Commodity professionals globally.
Prior to assuming this role in June 2023, he was the company’s Commodities Market Specialist covering the EMEA region, following a decade working across various leadership and individual sales positions in the European Commodity Sales group. He has extensive experience working with commodity trading merchants, corporations, national and integrated energy majors, driving strategies that grow their businesses through the use of financial technology.

Kwasi Ampofo is the Head of Metals and Mining at BloombergNEF based in London. His team’s research covers industrial metals, rare-earth metals, battery metals and the pathways for miners to reach net-zero. Prior to BloombergNEF, he was a mining engineer at Anglo American and a management consultant at Nous Group in Australia. He completed his PhD in Mineral Economics at the University of Queensland, Australia. He is currently a non-executive director at Amira Global.