2026 Base Metals: Tonnes, Tariffs and Terawatts

Luke Mahony is a senior mining and resources executive with more than two decades of international experience across mining operations, technology, strategy and corporate finance. He has held leadership roles across coal, nickel and base metals in Australia, Canada, Mozambique and Indonesia.

Prior to his current role, Luke was Senior Director, Business Performance & Optimization at Danantara Indonesia, overseeing resources, steel, cement and construction. He previously spent more than eight years with Vale, most recently as Chief Strategy & Technical Officer and Director of PT Vale Indonesia Tbk, following senior global roles in technology, innovation and technical operations.

Earlier in his career, Luke worked with BHP Billiton and Xstrata Coal. He holds degrees in Mining Engineering, Finance and Geomechanics from the University of New South Wales.

Alice is a commodities strategist with more than two decades of experience in mining, metals, and commodity markets. She joined Macquarie’s Commodities Strategy team in 2021 and primarily focuses on copper, zinc, lead and lithium.  Prior to joining Macquarie, Alice was a Principal Analyst at CRU, providing expert analysis and insight into global base metals markets.
Before that, she spent nearly 14 years at Anglo American in a variety of strategy, commercial, and market analysis roles across base metals, mining, industrial minerals, and copper. As part of her tenure at Anglo American, Alice spent two and a half years in Chile, where she was responsible for delivering strategic analysis and market insights directly to the CEO of Anglo American’s copper business. Alice holds a PhD, MA, and BA in Materials Science and Metallurgy from the University of Cambridge.

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.

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.

Gregory Shearer is an Executive Director in Global Commodities Research based in London. As Head of Base and Precious Metals Strategy at J.P. Morgan he specializes in the fundamental analysis of supply and demand to develop price outlooks across metals markets. Originally from the United States, Gregory graduated from Miami University, earning Bachelor’s degrees in Finance and Entrepreneurship.

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.

Henry is the Head of Industrial Metals Analysis for Trafigura, a leading commodities group. He is helping to shape the company’s views on metals, minerals and bulk markets and the economic outlook, with a particular focus on industrial metals.

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.

Douglas Crawford is a Commodities Market Specialist at Bloomberg, covering the EMEA region. He has over 20 years of experience within financial markets. His career started at Marex Spectron where he traded oil and oil product futures and options. He later became commodities asset class head for one of S&P Global’s flagship valuation products.

Jack Farchy is Chief Commodities Correspondent at Bloomberg News, covering all aspects of the commodity markets and industries. He is also co-author, with Javier Blas, of The World for Sale, a book about geopolitical and economic significance of commodity traders. Before Bloomberg News, he worked at the Financial Times as a correspondent in London and Moscow.

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.