Markets we cover

Gold as a monetary and safe-haven asset: central-bank and ETF demand, real yields, the dollar and mine supply.

Uranium as nuclear fuel: term contracting with utilities, reactor and SMR demand, and a concentrated mine supply base.

Silver as a precious and industrial metal: solar and electronics demand, investment flows and by-product mine supply.

Copper as the industrial bellwether: electrification and grid demand, China's economy, mine supply and smelting capacity.

Renewables as a clean-energy theme at sector level: solar, wind and hydrogen, policy support, costs and deployment.

Crude oil (WTI and Brent): OPEC+ policy, US shale, inventories, refining and the global demand cycle.

Natural gas as a regional market (Henry Hub, TTF): storage, weather-driven demand, pipeline flows and supply.

LNG as the global traded gas market: liquefaction capacity, export terminals, cargoes, long-term contracts and JKM–TTF spreads.

Lithium as a battery metal: EV and grid-storage demand, hard-rock and brine supply, and processing capacity.

Rare earths as a 17-element sector: magnet demand led by NdPr, mining and separation capacity, and export policy.

Defence and aerospace at index level: government budgets, multi-year procurement programmes and aviation demand.

Banks and diversified financials at index level: interest rates and net interest margins, credit quality and capital rules.

Semiconductors at index level: the design, manufacturing and equipment layers, the capex cycle, AI demand and export controls.

Cybersecurity at index level: regulation-driven security budgets, platform consolidation and the impact of major breaches.

Utilities and grid at index level: regulated rate-base growth, data-center power demand, grid investment and interest rates.

Pharmaceuticals at index level: approvals and trial readouts, class-wide themes such as GLP-1, drug pricing and patents.

The space sector at index level: government and defence space budgets, launch cadence and satellite constellations.

AI infrastructure at index level: accelerators and chips, cloud platforms, data-center construction and the power behind it.

Cloud platforms and enterprise software at index level: hyperscaler cloud growth, SaaS demand and AI adoption in software.

Shipping as a freight-rate cycle: container, tanker and dry-bulk rates, fleet supply and chokepoint disruptions.

The aggregate crypto market, led by BTC and ETH: ETF flows, issuance and halvings, regulation and liquidity.