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Summary
Join us for a comprehensive analysis of the current market conditions, economic outlook, and implications for the industrial metals sector across Latin America.
- Market Volatility: We will explore the volatile market conditions observed in the first quarter of 2025, influenced by recent policy announcements and ongoing economic uncertainties in the region.
- Economic Indicators: The discussion will include the slight weakening of the U.S. dollar and growing concerns about a recession both in the U.S. and globally, which are impacting market dynamics in Latin America.
- Inflation Concerns: We will examine how inflation is influencing central bank policies in various Latin American countries and the potential implications for interest rates and overall economic activity.
- Industrial Metal Price Trends: An overview will be provided on the downward pressure on industrial metal prices, with most commodities experiencing declines, while gold saw a notable increase of 19% due to rising demand for safe-haven assets.
- Industry Cost Management: Insights will be shared on the modest increase anticipated in industry costs and the challenges producers face in maintaining profitability amid falling commodity prices and the need for decarbonization efforts.
- Activity Levels in the Sector: We will analyze the decline in financing and drilling activities compared to previous quarters, reflecting the overall poor situation affecting the industrial metals sector.
- Regional Focus - Latin America: Specific insights will be provided on disruptions in mines within the region and their impact on the concentrate market, including a notable 4% decrease in copper production in Chile in early 2025 compared to the previous year.
Speakers
S&P Global Energy
Patricia Barreto
Base Metals Senior Analyst – Metals & Mining Research
Patricia Barreto is a Senior Analyst in the Metals and Mining Research Team at S&P Global Energy, based in São Paulo. She specializes in the fundamental analysis of supply and demand to develop price outlooks for base metals markets.
Prior to joining S&P Global, she spent over eight years at zinc producer Nexa Resources SA, where she mostly acted as a zinc and copper analyst. Her expertise includes price forecasting, comprehensive supply and demand analysis, and commercial intelligence. Patricia holds a BE in Materials Engineering from the Federal University of ABC in Brazil.
S&P Global Energy
Agustina Calo
Metals & Mining Industry Product Specialist
Agustina Calo is a Product Specialist in the Metals & Mining division at S&P Global, based in Buenos Aires. He specializes in market analysis and strategic insights to improve product offerings and customer engagement. With nearly 20 years of experience, including more than three years in the metals and mining sector, Agustina's experience includes revenue management and operational efficiency. He holds a bachelor's degree in Business Administration from the Universidad Belgrano and a Diploma in Mining Management from the Universidad Austral.
Questions?
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