Podcasts about global commodities

Simon Constable, writer for the Wall Street Journal, discusses European climate anomalies and their severe impact on global commodities. Speaking from the south of France, Constable reports temperatures reaching 35 degrees Celsius, contributing to low water levels in the Danube, Rhine, and Po rivers. These climate constraints, alongside maritime blockades of Ukrainian ports, have driven up prices for energy, wheat, and coffee. Turning to UK politics, Constable criticizes Prime Minister Keir Starmer for failing to spur house-building and notes that regional politicians like Manchester Mayor Andy Burnham lack an international profile. Finally, he reviews a longevity quiz from the Wall Street Journal, which highlights that the wealthiest Americans live fourteen years longer than the poorest. He notes that Japan leads the world in centenarians, emphasizing that geographic location and financial wealth are pivotal factors in determining an individual's healthy lifespan. (8)

Invitation Homes CEO Dallas Tanner joins in his first interview since the Trump Administration's housing bill became law. Then, the CEO of eToro joins us after the trading platform's latest earnings report. We also speak to Goldman Sachs' Co-Head of Global Commodities on where he sees oil prices heading from here. Plus, don't miss an update on NYC Mayor Mamdani's pied-à-terre tax. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

For the last few months, our focus has understandably been on oil and history's largest supply disruption. While we have spoken extensively about inventories and demand, one other component played a role - the positive supply response outside of the Middle East.   Speaker:  Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on August 7, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5395656-0 and for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

This week delivered headlines across the board, and commodities were no exception. While Brent crude prices dropped off 11% from their highs last week, the fundamentals have deteriorated in Hormuz and Bab-el-Mandeb, with reignited discussions about transit fees and their legality. Do these fees have historical precedents? Can they be legal? We answer in this episode.   Speaker:  Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on July 31, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5385695-0 and for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.  

Brent is up nearly 40% in July, setting itself up for the strongest monthly gain since March. With flows from the Persian Gulf suppressed and Red Sea shipments at risk, it appears that geopolitics has taken control of the wheel once again. The story is, however, more nuanced.   Speaker:  Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on July 24, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5374973-0 and for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.  

The situation in the Strait of Hormuz has worsened, creating risks for the recovery of oil and gas infrastructure. Simultaneously, there are many questions on the return of central bank diversification and gold purchases, which is a central issue for the outlook on precious metals. In this episode, we focus on the news from the Middle East, as well as the status of gold and LNG markets.   Speakers:  Otar Dgebuadze, European Natural Gas Greg Shearer, Head of Base and Precious Metals Strategy   This podcast was recorded on July 17, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5364444-0, https://www.jpmm.com/research/content/GPS-5363056-0 and for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.  

We kick off our Summer Playlist this week by welcoming Samantha Dart back into the SmarterMarkets™ studio. Samantha is Co-Head of Global Commodities Research at Goldman Sachs. David Greely sits down with Samantha to discuss the state of the energy markets given the ongoing conflict in Iran, the risks posed by the weather this summer and next winter, and how the increasing demand for electricity is shaping power markets, metals demand, and inflation.

Just as markets embraced an open Strait of Hormuz, a sense of déjà vu has washed over the commodities world when vessels were attacked this week. At the same time, Russian refineries continue to be targeted by drones, copper is again consumed by tariff uncertainty and the gas situation in Europe is setting up for a difficult winter.   Speakers:  Otar Dgebuadze, European Natural Gas Greg Shearer, Head of Base and Precious Metals Strategy   This podcast was recorded on July 10, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5359286-0, https://www.jpmm.com/research/content/GPS-5355846-0 and https://www.jpmm.com/research/content/GPS-5336739-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.  

While oil continues to be a key story for commodities markets, gold has been gathering more attention lately. The initial optimism after the signing of the Memorandum of Understanding ran into a hawkish FOMC, severing the connection between energy prices and rates and leading us to reassess the key demand channels for the metal. In this episode, we discuss our updated expectations for gold's recovery.   Speaker:  Greg Shearer, Head of Base and Precious Metals Strategy     Add disclosures when there is a related report (add date and GPS ID for the report)   This podcast was recorded on July 2, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5352313-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.  

Oil prices extended losses this week as oil flows through Hormuz ramped up to over 50% of pre-war levels. Recent reported data also suggests that the market relied more on demand destruction, as opposed to inventories, for its rebalancing. This prompted us to reconsider our original assumptions and the price outlook for the rest of the year, which we discuss in this episode.    Speaker:  Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on June 26, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5320317-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Despite the signed Memorandum of Understanding and eased prices, tightness persists across commodities most affected by the closure of the Strait of Hormuz. In this episode, we highlight the state of natural gas and aluminum markets, as well as discuss the ‘invisible' parts of our balances.   Speakers:  Greg Shearer, Head of Base and Precious Metals Strategy Otar Dgebuadze, European Natural Gas   This podcast was recorded on June 18, 2026.   This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

On one hand, we see increased oil tanker flows through the Strait of Hormuz. On the other hand, gas markets have had less luck getting LNG through the crucial chokepoint, setting the scene for a perfect storm of low storage injection rates, potentially higher El Niño cooling demand and slowing LNG supply growth. In this episode, we update you on the situation in the Strait and explain our view on gas.     Speakers:  Natasha Kaneva, Head of Global Commodities Research Otar Dgebuadze, European Natural Gas   This podcast was recorded on June 12, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5334101-0 and https://www.jpmm.com/research/content/GPS-5331232-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

If anything stands out in energy markets now, it is that prices have become remarkably sanguine despite an ongoing supply shock. Although market confidence and fundamentals have both contributed, our scenario analysis draws out less comfortable alternatives as the conflict drags on. In this episode, we discuss when a calm “Is that it?” can turn into a more apprehensive “What if this isn't?”     Speakers:  Natasha Kaneva, Head of Global Commodities Research Otar Dgebuadze, European Natural Gas   This podcast was recorded on June 5, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5321983-0 and https://www.jpmm.com/research/content/GPS-5321516-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Australia’s economy slowed sharply in the March quarter, and the real weakness may only just be beginning.Sean Aylmer speaks with Paul Bloxham, Chief Economist - Australia, New Zealand & Global Commodities at HSBC, about why rising interest rates, falling confidence, weakening house prices and the Middle East conflict could push Australia into a genuine downturn - and why the Reserve Bank may be unable to cut rates quickly even if the economy weakens sharply.Find out more: https://fearandgreed.com.au/See omnystudio.com/listener for privacy information.

(13) Simon Constable and Jim McTague examine global commodities and the economic impact of war, noting that high energy prices, including $8 diesel in France, are straining consumer budgets. While some commodity prices are stabilizing, the ongoing conflict in Iran continues to drive global inflation.1903 TEHRAN

We spent last week in China, and the most striking takeaway from our meetings was not simply that oil demand has fallen, it was that it did so abruptly, unexpectedly, and with remarkably little visible disruption. In this episode, we run you through our observations and explain the structural oil demand shifts that we may see in the coming years.     Speaker:  Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on May 29, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5317328-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

As Iran and the US continue to work towards a deal, some commodities markets have undergone structural changes. Asian LNG, for example, has been trading at an elevated premium compared to European benchmarks, while precious metals have been sidelined in the short-term. In this episode, we present new forecast additions, as well as discuss our updated views on the trends we are observing.   Speakers:  Otar Dgebuadze, European Natural Gas Greg Shearer, Head of Base and Precious Metals Strategy   This podcast was recorded on May 22, 2026.   This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 J.P. Morgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.  

As commodity analysts try to interpret the headlines on the Iran conflict, focus is increasingly turning towards potential recovery timeframes. Infrastructure, which was extensively damaged across the Middle East, plays a crucial role in this. Modern commodity markets are built on fragile supply chains and complex processing facilities, which require large investments and careful maintenance. In this episode, we cover the basics of infrastructure in gas and metals, as well as provide our regular update on conflict. Speakers:  Otar Dgebuadze, European Natural Gas Greg Shearer, Head of Base and Precious Metals Strategy   This podcast was recorded on May 15, 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 J.P. Morgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.  

While markets await Iran's response to a US proposal to end the war and reopen the Strait, oil inventories are being activated at unprecedented rates and provide a much-needed cushion for prices and consumption.  Aside from oil, however, inventories play a crucial role for nearly all commodities. In this episode, we focus on the role of storage in gas and metals, putting it in the context of recent disruptions.   Speakers:  Otar Dgebuadze, European Natural Gas Greg Shearer, Head of Base and Precious Metals Strategy   This podcast was recorded on May 8, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5290388-0, https://www.jpmm.com/research/content/GPS-5287764-0, and https://www.jpmm.com/research/content/GPS-5290409-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

With two months of the Middle East conflict behind us, there is little certainty in the world of commodities. One thing is clear, however: the supply shock is spreading. Although commodity markets are highly nuanced, understanding the magnitude of the core issues is a matter of simple arithmetic. In this episode, we break down the math on oil and metals.   Speakers:  Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base and Precious Metals Strategy   This podcast was recorded on May 1, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5273094-0, https://www.jpmm.com/research/content/GPS-5287764-0, https://www.jpmm.com/research/content/GPS-5278906-0, https://www.jpmm.com/research/content/GPS-5282493-0,  https://www.jpmm.com/research/content/GPS-5278073-0, and https://www.jpmm.com/research/content/GPS-5282937-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Markets reacted sharply to Iran allowing commercial vessels to go through the Strait of Hormuz. Despite this signal, last shipments from the Gulf have arrived across Europe, Asia and the US, while significant infrastructure shut-ins persist across the Middle East. With much uncertainty still in the air, in this episode we answer the market's most pressing questions, as well as discuss the recent supply and demand observations in oil and aluminum.   Speakers:  Otar Dgebuadze, European Natural Gas Artem Fakhretdinov, Oil   This podcast was recorded on April 24, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5273094-0, https://www.jpmm.com/research/content/GPS-5272895-0, https://www.jpmm.com/research/content/GPS-5272398-0, https://www.jpmm.com/research/content/GPS-5270096-0, and https://www.jpmm.com/research/content/GPS-5269595-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Download HC's AI in Commodity Trading Report here:https://assets-eu-01.kc-usercontent.com/25059871-5268-018b-05ba-d50770a34566/2d9d6d84-97c4-4c3d-bf30-f3cf71f21ac1/AI%20in%20Commodity%20Trading%20-%20FT-TI%20Report%20-%20FINAL.pdf In this episode, Paul Chapman records his notes and reflections on this year's FT Global Commodities Summit in Lausanne Switzerland from 20-22 April. HC Group were proud to be Silver Sponsors of the event. excellent annual conference where leaders from across the commodities sector come together to discuss the sector's key themes and wine and dine one another. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Francisco Blanch, head of commodities and derivatives research at Merrill Lynch, discusses the post-conflict issues facing the global oil market, the availability of jet fuel, and the potential timeframe for restoring oil flows once the war in Iran comes to an end.See omnystudio.com/listener for privacy information.

Markets reacted sharply to Iran allowing commercial vessels to go through the Strait of Hormuz. Despite this signal, last shipments from the Gulf have arrived across Europe, Asia and the US, while significant infrastructure shut-ins persist across the Middle East. With much uncertainty still in the air, in this episode we answer the market's most pressing questions, as well as discuss the recent supply and demand observations in oil and aluminum.   Speakers:  Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base and Precious Metals Strategy   This podcast was recorded on April 17, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5254466-0, https://www.jpmm.com/research/content/GPS-5265231-0, https://www.jpmm.com/research/content/GPS-5260746-0, and https://www.jpmm.com/research/content/GPS-5260671-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

5. Global Commodities and Energy Shifts Guest: Simon Constable. Simon Constable reports on volatile energy markets and falling gold prices as the Strait of Hormuz enters a ceasefire. Meanwhile, high copper prices have triggered a surge in organized theft in cities. (5)1865 BRAZIL IRONCLAD

JOHN BATCHELOR SHOW, WEDNESDAY 4-8-2026.1893 ROYAL NAVY IRONCLAD.1. Canada's Shifting Trade Alliances Guest: Charles Burton. Charles Burton discusses China's attempts to enter the Trans-Pacific Partnership using leverage in Canada. He warns that Ottawa's potential support for Beijing undermines the agreement's purpose of excluding non-market, subsidizing economies. (1)2. China Exploits Western Alliances Guest: Charles Burton. Charles Burton explains how Canadian elites are turning toward China due to a distaste for current U.S. policies. This shift benefits Beijing, which presents itself as a stable partner despite its repressive nature. (2)3. U.S. Naval Performance in the Gulf Guest: Rebecca Grant. Rebecca Grant praises the U.S. Navy's successful defense against Iranian missile attacks during Operation Epic Fury. However, she warns that the scale of operations highlights a fleet that is currently too small. (3)4. The New Lunar Laser Race Guest: Rick Fischer. Rick Fischer explains how Artemis 2 demonstrated laser communications, providing denser data transmission than radio. This technology is essential for monitoring Chinese lunar activities as the race to the moon intensifies. (4)5. Global Commodities and Energy Shifts Guest: Simon Constable. Simon Constable reports on volatile energy markets and falling gold prices as the Strait of Hormuz enters a ceasefire. Meanwhile, high copper prices have triggered a surge in organized theft in cities. (5)6. Fragmentation of British Politics Guest: Simon Constable. Simon Constable analyzes the fragmentation within the UK's Labor majority and the emergence of the Green Party. Polling suggests voters are divided among tactical coalitions, making leadership challenges difficult for Prime Minister Starmer. (6)7. Al-Shabaab's Infiltration Tactics Guest: Caleb Weiss. Caleb Weiss details a recent Al-Shabaab prison raid in Somalia where attackers disguised themselves as intelligence operatives. The strategic strike demonstrated the government's persistent security weaknesses despite international support from various partners. (7)8. Jihadist Threats to Congolese Mining Guest: Caleb Weiss. Caleb Weiss reports on an Islamic State attack targeting a Chinese-owned mine in Congo, led by a violent Tanzanian commander. Meanwhile, Nigeria struggles with internal instability as regional alliances like ECOAS continue to fracture. (8)9. Russia Profiteering from Oil Turmoil Guest: Michael Bernstam. Michael Bernstam explains how Russia benefits from high oil prices and the disruption of shipping in the Strait of Hormuz. Moscow uses increased revenues to fund its war efforts while pressuring European economies. (9)10. The Academy's Narrative on Israel Guest: Peter Berkowitz. Peter Berkowitz argues that American universities teach a one-sided narrative hostile to Israel. He claims these institutions overlook historical facts regarding the conflict while ignoring the extremist mission of groups like Hamas. (10)11. Commercial Space and Starship Delays Guest: Bob Zimmerman. Bob Zimmerman analyzes technical reasons behind SpaceX's Starship delays and the Orion capsule's return from the moon. He highlights the transition to private spaceflight as NASA's expensive SLS program faces funding limits. (11)12. Mapping the Outer Solar System Guest: Bob Zimmerman. Bob Zimmerman discusses the superficial knowledge gained from Voyager 2's flybys of Neptune and Uranus. He advocates for better exploration of these alien worlds and Mars to understand our solar system's complex formation. (12)13. Regulatory Burdens at the FTC Guest: Jessica Melugin. Jessica Melugin explains how the Biden administration's expanded merger filing requirements persist under new Republican leadership. These costly regulations act as a de facto tax on businesses, ultimately harming consumers through higher prices. (13)14. The Failures of Industrial Policy Guest: Veronique de Rugy. Veronique de Rugy critiques the World Bank's recent endorsement of industrial policy despite its historical failure in Japan and China. She argues these interventions distort economies and benefit industries over average consumers. (14)15. John Adams and the XYZ Affair Guest: Myron Magnet. Myron Magnet recounts how President John Adams sought peace with France amidst the XYZ Affair. The diplomatic crisis sparked domestic turmoil and intense rivalry between Federalists and Republicans over America's role in Europe. (15)16. The Peaceful Transfer of Power Guest: Myron Magnet. Myron Magnet describes how John Adams secured a peace treaty with France just as he lost the 1800 election. Despite his defeat, his commitment to diplomacy bequeathed a nation at peace to Jefferson. (16)

There has been no rest for commodities in the last 34 days. This week, Houthis have formally entered the conflict, while metals and energy infrastructure continued to be targeted by strikes. With an expanded geography of the war and no immediate off-ramp in sight, market volatility persists. In this episode, we discuss this week's updates and the month behind us.   Speakers:  Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base and Precious Metals Strategy Otar Dgebuadze, European Natural Gas   This podcast was recorded on April 2, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5250119-0, https://www.jpmm.com/research/content/GPS-5252085-0, https://www.jpmm.com/research/content/GPS-5249648-0, https://www.jpmm.com/research/content/GPS-5249764-0, https://www.jpmm.com/research/content/GPS-5244760-0  and https://www.jpmm.com/research/content/GPS-5248912-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Empiricus+: uma só assinatura, inúmeras oportunidades de investimento - https://emprc.us/KDNnEnCom a escalada dos conflitos no Oriente Médio, a crise energética a nível global voltou ao radar dos investidores.Segundo estimativas da Agência Internacional de Energia, o choque já é maior que o enfrentado por conta da guerra na Ucrânia e pode superar o observado nos anos 1970.E os impactos vão além do abastecimento de energia e podem inclusive afetar a corrida tecnológica pelo domínio da Inteligência Artifical (IA).Neste episódio do Empiricus Podca$t, a jornalista e apresentadora dos portais Money Times e Seu Dinheiro, Paula Comassetto, recebe os analistas Enzo Pacheco, da Empiricus Research e Jean Miranda do BTG Pactual para discutir os impactos da crise energética e responder as seguintes questões:Quem sofre mais com essa crise?Quem se beneficia?Como o investidor deve se posicionar?Assista até o final para conferir o quadro “Trade em 1 minuto”, com ideias práticas de investimento baseadas nesse cenário.

The conflict in the Middle East is approaching its one-month mark. This week, markets were forced to pair off two opposing forces: deteriorating fundamentals with anticipated shortages in Asia on one side and increased rhetoric about a potential ceasefire on the other.  For now, it is unclear which one comes first. In this episode, we discuss the timeline of oil shortages across the globe, as well as explain what is happening with gold. Speakers:  Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base and Precious Metals Strategy   This podcast was recorded on March 27, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5245032-0, https://www.jpmm.com/research/content/GPS-5242637-0, https://www.jpmm.com/research/content/GPS-5243238-0, and https://www.jpmm.com/research/content/GPS-5241751-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

13. Commodity Markets and European Economic Hardship. Guest: Simon Constable. Simon Constable reports on high energy prices and diesel shortages in France. He analyzes how the Iran war affects global commodities like copper and gold, while also discussing controversial new EU-aligned domestic legislation.,,, (13)1871 PARIS DEFENSE

The war in the Middle East is reaching its three-week mark and commodities markets show no signs of easing. On the contrary, attacks on critical energy infrastructure have ramped up, while the remaining 3% of typical Hormuz traffic has shifted into Iranian waters. Elsewhere, Asia is beginning to show signs of demand destruction amid exploding products prices. In this episode, we summarize the week's developments and highlight what the markets are missing in gas, oil and metals.     Speakers:  Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base and Precious Metals Strategy Otar Dgebuadze, European Natural Gas   This podcast was recorded on March 20, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at  https://www.jpmm.com/research/content/GPS-5240805-0, https://www.jpmm.com/research/content/GPS-5239325-0, https://www.jpmm.com/research/content/GPS-5237992-0, https://www.jpmm.com/research/content/GPS-5235564-0, https://www.jpmm.com/research/content/GPS-5236328-0, https://www.jpmm.com/research/content/GPS-5236737-0, and https://www.jpmm.com/research/content/GPS-5234608-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

We continue our Weathering Decarbonization series this week by welcoming Samantha Dart back into the SmarterMarkets™ studio. Samantha is Co-Head of Global Commodities Research at Goldman Sachs. David Greely sits down with Samantha to discuss how our changing energy system is weathering the conflict in Iran at the same time as its weathering decarbonization.

It has been two weeks since the start of the conflict in the Middle East and supply-side issues remain the top concern for commodity markets. In addition to shipping troubles, the region is also forced to halt production due to persistent infrastructure attacks and limited storage. While oil & gas dominate headlines, metals are also running into trouble. In today's episode, we summarize everything you need to know about metals markets, as well digest developments in oil.   Speakers:  Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base and Precious Metals Strategy   This podcast was recorded on March 13, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at  https://www.jpmm.com/research/content/GPS-5232475-0, https://www.jpmm.com/research/content/GPS-5233598-0, and https://www.jpmm.com/research/content/GPS-5228729-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

On Saturday, February 28, Israel and the US started a wave of attacks on Iran, rocking the energy markets. As of Thursday, commercial traffic through the crucial Strait of Hormuz remained virtually nonexistent and production shut-ins are looming for the Gulf. We explain the importance of the region for global energy, summarize latest development and discuss the range of options that have been proposed to ease the crisis.   Speakers:  Natasha Kaneva, Head of Global Commodities Research Otar Dgebuadze, Global Natural Gas Research   This podcast was recorded on March 6, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5226873-0, https://www.jpmm.com/research/content/GPS-5225390-0, https://www.jpmm.com/research/content/GPS-5225478-0, https://www.jpmm.com/research/content/GPS-5224065-0, https://www.jpmm.com/research/content/GPS-5223708-0, and https://www.jpmm.com/research/content/GPS-5222592-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Carl Quintanilla, David Faber, and Sara Eisen began the hour with a look at the big market moves you might have missed - before getting into JPMorgan Asset Management's playbook for the volatility. Plus: former Treasury Secretary and former U.S. Ambassador to Israel Jack Lew joined the team with his read on what's next in Iran, inflationary impacts, and why he says there's been a disregard for our constitutional process... while Senator John Fetterman took the other side - explaining this hour why he's an outspoken supporter of strikes.    Also in focus: wild swings in energy prices as Goldman raises their price forecasts - their Global Co-Head of Commodities broke down the move... And hear from the Chairman & CEO of Victory Capital - as they kick off a bidding war for Asset Manager Janus Henderson. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Metals and oil dominated the market narrative in the last few weeks. Natural gas, however, has also been dynamic, having gone through its own period of volatility at the end of January due to cold sprees in the US and Europe. In this episode, we discuss the European gas market, our updated price forecast and the range of new infrastructure projects that are coming online.   Speakers:  Natasha Kaneva, Head of Global Commodities Research Otar Dgebuadze, Global Natural Gas Research   This podcast was recorded on February 27, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5218621-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Last week we visited the International Energy Week in London and found the market to be rather optimistic, making a bullish case for oil. Respectfully, we disagree. We reiterate our views on resilient Russian supply, discuss the limited Iran risk and point to the accumulation of inventories across the globe.    Speaker:  Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on February 19, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5195750-0, https://www.jpmm.com/research/content/GPS-5194449-0 and https://www.jpmm.com/research/content/GPS-5209388-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Sharp selloffs in metals and elevated oil prices beg the question - is commodity volatility a harbinger of things to come, or merely a correction? While commodities remain supported by reflated growth and expansionary fiscal policy, other effects are also taking place. In this episode, we reiterate our view on metals and discuss the current sentiment in oil markets to help you understand what comes next.   Speakers:  Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research   This podcast was recorded on February 13, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5206473-0, https://www.jpmm.com/research/content/GPS-5194449-0 and https://www.jpmm.com/research/content/GPS-5184139-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Metal mania returns. In this episode, Natasha Kaneva is joined by Greg Shearer, the Head of Base and Precious Metals at JPMorgan. We decompose the recent volatility by discussing retail investors, fundamental differences between gold and silver, as well as the role of these metals in portfolios.   Speakers: Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research   This podcast was recorded on Feb 6, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5195750-0, https://www.jpmm.com/research/content/GPS-5193621-0, https://www.jpmm.com/research/content/GPS-5185886-0, https://www.jpmm.com/research/content/GPS-5193648-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

In this episode, JPMorgan analysts digest yet another week of market volatility in commodities. The metals hit records on Thursday, but only to backtrack and slide by largest amounts seen in years. Oil and gas, on the other hand, grappled with weather and policy uncertainty. We discuss price fundamentals, risk premia and even weather to try and explain these dynamics.   Speakers: Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Global Natural Gas Research   This podcast was recorded on Jan 30, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5187665-0, https://www.jpmm.com/research/content/GPS-5186727-0, https://www.jpmm.com/research/content/GPS-5184139-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © YYYY JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

It has been a busy start of the year for commodities markets.  In oil, market attention has shifted from Venezuela to Iran and the risk of more than 3 mbd of supply disruptions.  Meanwhile, European TTF gas prices are up by about 25% year-to-date already as colder weather has swept through Europe.  Not to be outdone, metals markets remain extremely volatile too with this week's Section 232 conclusion on critical minerals stopping short of any immediate tariffs, raising risk of a correction after silver's recent scorching rally.   Speakers:   Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Natural Gas Research   This podcast was recorded on January 16, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5175253-0, https://www.jpmm.com/research/content/GPS-5167421-0, https://www.jpmm.com/research/content/GPS-5176137-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. 

Recent events in Venezuela have so far had limited immediate impact on global commodity markets — but the longer-term implications could be significant, especially if Western investment returns to the country. In this episode, analysts from J.P. Morgan Global Research explore the outlook for oil, natural gas and metals.    Speakers: Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Natural Gas Research   This podcast was recorded on January 9, 2026. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2026, JPMorganChase & Co. All rights reserved.

Recent events in Venezuela, specifically a US military operation on January 3, 2026, that captured Nicolás Maduro, so far have had limited immediate impact on global commodity markets. In this episode, we discuss the recent events in Venezuela and their potential long term implications oil, gas, and metals if Western investment returns to rebuild the nation's infrastructure.  Speakers:   Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Natural Gas Research   This podcast was recorded on January 9, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5166762-0, https://www.jpmm.com/research/content/GPS-5167264-0, https://www.jpmm.com/research/content/GPS-5168288-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.   

Surpluses in 2025 are expected to widen further into 2026 and 2027, as global oil supply is projected to outpace demand—expanding at three times the rate of demand growth through 2026, before slowing to about one-third of that pace in 2027. This dynamic is likely to exert downward pressure on oil prices. However, the magnitude suggested by market imbalances is unlikely to fully materialize in practice. Adjustments are expected on both the supply and demand sides; however, the greatest burden of rebalancing will almost certainly fall on supply.   Speakers:  Natasha Kaneva, Head of Global Commodities Research  Greg Shearer, Head of Base Precious Metals Research   This podcast was recorded on December 12, 2025.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5120230-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Natasha Kaneva and team share J.P. Morgan's 2026 Global Commodities Outlook. Commodity prices have experienced repeated and highly synchronized cycles across various markets over the past 50 years, with these fluctuations closely tied to global economic trends through shifts in demand. This co-movement broke down in 2024, as energy prices reset lower while metals prices surged, marking the emergence of a new commodity regime, driven by divergent supply dynamics.  Looking ahead to 2026 this deviation is expected to continue as supply-constrained metals continue to beat glutted energy.   Speakers:   Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Natural Gas Research   This podcast was recorded on December 5, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5143468-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Greg Shearer shares J.P. Morgan's outlook for base and precious metals in 2026. We retain our structural, multi-year bullish outlook for gold, seeing prices heading to $5,000/oz by 4Q26 as the long-term trend of official reserve and investor diversification into gold has further to run.  In base metals, we are most convicted on our bullish view on copper, seeing prices rising towards $12,500/mt over 1H26 as acute supply disruptions are set to tighten a refined copper market and stress fragile ex-US inventory cover.   Speaker:   Greg Shearer, Head of Base & Precious Metals Research   This podcast was recorded on November 21, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5132329-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Global Commodities and UK Political Turmoil: Copper Prices Soar and Starmer's Tax U-Turn Guest: Simon Constable Simon Constable reports that copper prices are soaring to $5.18, up 20 percent, due to insufficient supply to meet demand from electric vehicles and artificial intelligence applications. In the United Kingdom, he notes Labour leader Keir Starmer reversed his tax pledge amidst poor productivity forecasts and failing reforms. Constable details the collapse of a high-profile China espionage case, possibly because UK espionage laws remain outdated from before World War I and China was not formally designated a hostile state at the time. He also highlights the troubling advice given by police to Israeli football fans to avoid attending a match due to safety concerns.

Global Commodities and UK Political Turmoil: Copper Prices Soar and Starmer's Tax U-Turn Guest: Simon Constable Simon Constable reports that copper prices are soaring to $5.18, up 20 percent, due to insufficient supply to meet demand from electric vehicles and artificial intelligence applications. In the United Kingdom, he notes Labour leader Keir Starmer reversed his tax pledge amidst poor productivity forecasts and failing reforms. Constable details the collapse of a high-profile China espionage case, possibly because UK espionage laws remain outdated from before World War I and China was not formally designated a hostile state at the time. He also highlights the troubling advice given by police to Israeli football fans to avoid attending a match due to safety concerns.

Simon Constable Global Commodities, French Politics, and 9/11 Reflection Simon Constable discusses commodity trends: copper and gold prices surge due to AI demand and monetary fear, while orange juice falls and coffee rises. He covers France's political crisis, with Sebastien Lecornu becoming the sixth Prime Minister under Macron, and local support for Marine Le Pen's National Rally. He also shares a personal 9/11 account from One World Financial Center.1215-1230 1870 PARIS

CONTINUED Simon Constable Global Commodities, French Politics, and 9/11 Reflection Simon Constable discusses commodity trends: copper and gold prices surge due to AI demand and monetary fear, while orange juice falls and coffee rises. He covers France's political crisis, with Sebastien Lecornu becoming the sixth Prime Minister under Macron, and local support for Marine Le Pen's National Rally. He also shares a personal 9/11 account from One World Financial Center. TOULOUSE