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Summary
Join us to provide you with an in-depth analysis of the current market conditions, economic outlook, and implications for the industrial metals sector in Latin America, with a specific focus on Argentina.
- Market Volatility: Analysis of the volatile market conditions experienced in the March 2025 quarter due to recent policy announcements and economic uncertainties.
- Economic Indicators: Discussion on the modest weakening of the US dollar and rising recession concerns in the US and globally, impacting market dynamics.
- Inflation Concerns: Examination of how inflation is affecting central bank policies and the potential implications for interest rates and economic activity.
- Industrial Metals Price Trends: Overview of the downward pressure on industrial metals prices, with most commodities ending the quarter lower, except for gold, which saw a 19% increase driven by haven demand.
- Cost Management in the Industry: Insights into the expected modest increase in industry costs and the challenges producers face in maintaining profitability amidst declining commodity prices and the need for decarbonization.
- Activity Levels in the Sector: Analysis of the decline in financing and drilling activities compared to previous quarters, highlighting the overall malaise in the industry.
- Regional Focus - Latin America: Specific insights into mine disruptions in Latin America and the impact on the concentrate market, including a notable 4% decrease in Chile's copper production 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
Aude Marjolin
S&P Global Energy
Gold Analyst - Metals & Mining Research
Aude Marjolin is an Associate Research Analyst in the Metals and Mining Research team of S&P Global Energy. She is responsible for delivering the monthly Consensus Metals Price analysis and reports on various commodities covered by the team. She was previously a Senior Commodities Editor in the Market Intelligence division, providing support to the Metals and Mining team. Aude's background is in theoretical chemistry, and she worked at the University of Pittsburgh prior to joining S&P Global. Aude received her BSc in materials science from the Université Paris XII Val de Marne and her MSc and PhD in chemistry from the Université Pierre et Marie Curie.
Aude Marjolin is a Commodities editor, covering Energy and Metals & Mining research.
Her experience in providing peer-review for and editing research papers for scientific publications has translated well to the commodities industry. Aude especially enjoys working on texts in English as a Second Language.
She has been building the position by establishing procedures and reference documents and has also been the liaison between Commodities and various other teams. Specifically, Aude has been working with Operations to develop workflows for and Production to offer data visualization support to Commodities.
Aude is a happily reconverted theoretical chemist, who received her degrees from the University Pierre and Marie Curie in Paris.
In her one-woman office in Tonganoxie, Kans., she is assisted by Baby Clara and Kitties Ash and Willow, who often pop in on meetings.
Questions?
Please contact us if you need more information or have trouble accessing the webinar.